London, June 27, 2026, 15:05 BST
- Glencore plc (LON:GLEN) dropped 7.6% this week and slipped 1.25% Friday. The FTSE 100 (INDEXFTSE:UKX) gave up 0.21% Friday.
- LME copper cash settlement lost 2.6% over the week through Friday. Exchange stocks dropped 3.7%.
- The bigger move down in equities puts the focus on output, smelter margins, and the half-year production report due July 29.
Glencore plc (LON:GLEN) heads into the last two trading days of June facing a weaker share price than copper’s recent surge would suggest. Shares in the miner have fallen much more than copper. The stock ended Friday at 514.70p, down 1.25% on the day, according to delayed London data. The London Stock Exchange usually trades on weekdays.
Glencore’s (GLEN) week was heavy on selling. Shares edged up 0.34% Monday before dropping 4.22% Tuesday, 2.54% Wednesday, 0.10% Thursday and 1.25% Friday. More than 237 million shares traded for the week. Thursday saw the highest volume at 79.7 million shares. According to MarketScreener, Glencore finished the week down 7.59%.
Copper prices didn’t see a sharp drop. LME copper cash settled at $13,287 a tonne on Friday, down from $13,642 on Monday. LME warehouse stocks also slipped, falling to 336,475 tonnes from 349,225 tonnes in that period. Glencore’s loss came in at about three times the percentage move of the metal, despite tighter visible inventories.
The gap is important for investors since Glencore is valued on more than just copper. The market is cutting for execution risk, processing, and what its trading business brings in, not just the copper price.
Copper smelters face a new threat. Reuters metals columnist Andy Home said Friday that annual benchmark copper treatment and refining charges dropped from $80 a tonne and 8 cents a pound in 2024 to zero this year. Spot charges have been negative for months. The same Reuters piece added that Glencore put its Philippine smelter into care and maintenance status, while it kept its Australian processing plants running after getting A$600 million ($395 million) from the government.
Glencore isn’t feeling smelter troubles like a pure processor would, but the story hits a main part of the bull thesis. Miners get a lift from strong copper prices. Smelters wedged between tight concentrate supply and weak processing rates aren’t so lucky.
Glencore is leaning on volume and trading income. CEO Gary Nagle told investors in April that “full year 2026 production guidance remains unchanged.” Nagle also said higher commodity prices could mean “margin expansion.” For the first quarter, Glencore’s own-sourced copper production hit 199,600 tonnes, which is up 19% from last year. Steelmaking coal output dropped 22%. Energy coal slipped 2%. Glencore
Glencore left its 2026 copper target unchanged at 810,000 to 870,000 tonnes. The company flagged a second-half production tilt, saying Collahuasi is set to drive copper output as primary ore and desalinated water availability get better later this year.
Glencore does not have a production update on its calendar for this week. The next set production release is the Half-Year Production Report on July 29. Half-Year Results will follow on Aug. 5.
