LONDON, June 23, 2026, 09:29 BST
Glencore shares were down about 4.6% at around 533 pence early Tuesday in London, while the UK market slid 0.8%. Anglo American gave up 5.5%, Antofagasta, which is focused on copper, dropped 6.6%. The fall ran across the sector. Glencore is still about 94% higher over the past 12 months.
Metals and other growth-linked assets dropped as markets priced more U.S. rate hikes. Europe’s basic-resources index slumped 3.3%, leading sector losses. The STOXX 600 was down nearly 0.9%. Traders were betting on around 50 basis points of rate hikes by year-end—a basis point is one-hundredth of a percentage point.
Copper slipped 0.5% on the London Metal Exchange to $13,580 a ton, as higher-rate worries offset Chinese output data. The key Shanghai copper contract dropped 0.6%. Copper is a main driver for Glencore’s earnings.
Dollar holds close to its highs since May 2025, putting more pressure on dollar-priced commodities as they get more expensive for foreign buyers. Chris Weston, head of research at Pepperstone, said investors are shifting money into “more defensive” spots with “more predictable cash flows.” Reuters
Glencore shares slipped Tuesday as macro jitters hit the sector, despite a pickup in its copper output. Own-sourced copper climbed 19% to 199,600 tonnes in Q1. The miner kept its full-year copper target at 810,000 to 870,000 tonnes. CEO Gary Nagle said higher commodity prices should “more than offset” cost increases, expecting this to drive “margin expansion.” Glencore
Glencore GLEN.L posted 2025 adjusted EBITDA of $13.5 billion, dropping 6% from the previous year. Net income bounced back to $363 million after last year’s $1.63 billion loss. The company announced a total distribution of 17 cents per share, roughly $2 billion.
But there are two parts to the downside. Bank of America is looking for three 25-basis-point Fed hikes in September, October and December. Deutsche Bank sees two hikes. A stronger dollar for longer or a bigger copper selloff could push Glencore shares lower for longer. The company is also dealing with uncertainty in the Democratic Republic of Congo, as miners are asking to postpone a rule that would force a 5% employee equity stake before the July 31 deadline.
If investors dial back rate-cut hopes or copper bounces, focus could swing back to Glencore’s bigger copper haul and its trading business. Glencore’s upcoming catalysts: its half-year production update set for late July, then first-half numbers in August.
