LONDON, July 4, 2026, 15:02 BST
- Glencore plc (LON:GLEN) ended Friday at 513.60p, up 0.55% for the session. Shares are off 0.2% from last week’s close. The London Stock Exchange stays shut on Saturdays.
- Shares underperformed as the STOXX 600 reached a new high and the FTSE 100 ended the session up on Friday.
- Congo’s cobalt quota mess is the latest headache for Glencore before its July 29 production update. Reuters said up to 20,000 tonnes of cobalt exports are at risk if officials don’t solve an administrative snag.
- Copper remains a lift for Glencore, with LME three-month copper closing July 3 at $13,345 a tonne. LME copper stocks dropped 5.2% since June 26.
Glencore plc (LON:GLEN) wrapped up a four-week rally by finishing flat this week. Investors now look to July, weighing whether copper production and trading profits can balance lower coal prices and cobalt shipping risk.
The stock ended Friday at 513.60p, up 2.80p for the session. That still left it 1.10p under last Friday’s finish. Just 14.83 million shares traded, the lowest daily volume this week and about half the average for the past five sessions, according to daily price figures.
| Glencore last week | Close | Day move | Volume |
|---|---|---|---|
| Jun. 29 | 511.00p | -0.72% | 41.25 mln |
| Jun. 30 | 513.80p | +0.55% | 35.12 mln |
| Jul. 1 | 512.30p | -0.29% | 21.79 mln |
| Jul. 2 | 510.80p | -0.29% | 38.03 mln |
| Jul. 3 | 513.60p | +0.55% | 14.83 mln |
London stocks rose, with the FTSE 100 (INDEXFTSE:UKX) ending up 0.2% at 10,679.03 on Friday, and posting a gain for the week. Europe’s STOXX 600 hit a fresh intraday high and finished the session up 0.7%. “Tech-lite European indices are back in demand,” David Morrison, senior market analyst at Trade Nation, said to Reuters, noting they still trade at cheaper prices than U.S. stocks. Reuters
| Friday snapshot | Close | Friday move |
|---|---|---|
| FTSE 100 | 10,679.03 | up 0.2% |
| Glencore plc (LON:GLEN) | 513.60p | added 0.55% |
| Anglo American plc (LON:AAL) | £37.85 | rose 1.18% |
| Rio Tinto plc (LON:RIO) | 7,070p | fell about 0.2% |
| Antofagasta plc (LON:ANTO) | 3,858p | gained about 0.2% |
Glencore’s moves this week are in the numbers. Shares gained 15.8% over four weeks and 69.6% over the past year, Trading Economics said. On Friday, the stock traded in light volume but stayed stuck between 503.90p and 527.30p for the week.
Glencore set its next key date. The company said July 1 it plans to post its half-year production report July 29 at 0700 UK time, and half-year results are scheduled for Aug. 5.
The production report is set to put the split seen in Q1 numbers to the test. Glencore said its own-sourced copper was up 19% at 199,600 tonnes in the first quarter. Cobalt output dropped 39% to 5,800 tonnes, steelmaking coal slipped 22% to 6.5 million tonnes, and energy coal ended at 22.9 million tonnes, just under last year. CEO Gary Nagle said in April, “full year 2026 production guidance remains unchanged.” Glencore
Copper bulls are still getting support from low inventory. Westmetall data put LME three-month copper at $13,345 a tonne on July 3, a bit above $13,310 from June 26. LME copper stocks fell to 318,900 tonnes from 336,475 tonnes in that time.
Coal prices are pulling back. Newcastle coal futures ended at $128.80 a tonne on July 3, dropping from $143.40 on June 26, a near 10% slide. That’s a problem for Glencore since its guidance for 2026 still shows 95 million to 100 million tonnes of energy coal and 30 million to 34 million tonnes of steelmaking coal.
Cobalt has turned into the less predictable part of the mix. Reuters said Friday that big producers in Congo could lose their first-half export quotas after a customs system stopped logging export declarations from July 1. An industry source put the lost shipments as high as 20,000 tonnes, or $1.1 billion at market prices. Congo accounts for around 70% of global cobalt, with Glencore and CMOC Group (SHA:603993) among the main operators there.
Glencore is feeling the cobalt squeeze from both sides. Lower shipment quotas can slow down sales, but stricter export rules out of Congo have lifted the market. Cobalt is up 160% from February 2025, now at $26 a pound, or $57,320 per tonne, according to Reuters. Glencore has a 2026 quota, with some 2025 output carried over, at 22,800 tonnes.
Shipping and input costs still factor into the half-year results. Back in April, Nagle pointed to higher input costs from Middle East trouble, but he said firmer commodity prices may more than cover the extra bill. James Rossiter at TD Securities called “shipping” the main risk for the year, telling Reuters on Friday that ships are getting rerouted globally. Glencore
Looking to next week, clean prices are set at 503.90p and 527.30p. Dropping under this week’s low brings the June pullback back on the table. If it clears the week’s high, the shares move past their pre-production-report range.
