Glencore share price rises as stock shrugs off South Africa smelter warning, coal outlook firms
Shares of Glencore Plc climbed 1% in London on Friday, shrugging off signals from its South African ferrochrome arm, which threatened to walk away from negotiations for cheaper power. By late morning, the stock was trading at 523.8 pence, marking a 1.08% gain from Thursday’s finish. This is catching attention as investors keep piling into Glencore’s coal play after a big rerating earlier this year. Since Jan. 7, coal prices and Glencore shares are both up 26%, Reuters reported last week. Morningstar’s Jon Mills just took his fair value estimate for Glencore stock up to 530 pence this week.
