LONDON, March 26, 2026, 11:16 GMT
Glencore Plc dropped roughly 2% in London on Thursday, tracking a pullback in mining names across Europe. After opening at 529.9 pence, shares slipped to around 528.5 pence by late morning, down from a 539.5 pence finish the day before. Yahoo Finance
This shift landed right as Glencore shares were testing their recent highs. By the end of Wednesday’s session, the stock was sitting just 1.3% off the 52-week top at 546.5 pence, notched on March 2—underscoring how quickly sentiment has turned. FT Markets
Thursday’s mood shift was abrupt. The STOXX 600 in Europe dropped 1.3%. London’s FTSE 100 slipped 1.1%. Miners bore the brunt, pressured by softer metals prices, while oil surged past $105 a barrel—stirring up renewed worries about inflation staying sticky and rates stuck higher as Middle East tensions smolder. Reuters
The shift hits Glencore harder than some of its peers, since it’s still balancing both copper and coal. Thermal coal—used in power generation—has become a boost: Reuters notes the main Asian benchmark has climbed 13.2% this month. Wood Mackenzie’s Lucas Schmitt sees the conflict “significantly reduce” Asian LNG demand growth for 2026, sending utilities back to coal. Rio Tinto and BHP, on the other hand, have pushed deeper into copper, which now accounts for a larger slice of their profits. Reuters
Glencore’s latest numbers offered shareholders at least some reason to hang on. The company reported on February 18 that 2025 adjusted EBITDA slipped 6% to $13.51 billion. That figure still edged out the analyst consensus of $13.3 billion. Glencore held firm on its $2 billion payout to shareholders. CEO Gary Nagle pointed to “underlying momentum in H2.” Reuters
After Rio Tinto pulled out of merger discussions last month, the spotlight is back on divestments and portfolio tweaks. “Glencore may ‘sell off assets individually’ to sharpen its copper and trading focus,” Aberdeen’s Iain Pyle told Reuters. George Cheveley at Ninety One sees room to “tidy up” the portfolio while leaning on the coal division’s cash flow. Under British rules, Rio has to wait six months before any deal talks resume. Reuters
But things can shift quickly. Craig Cameron at Templeton Global Equity Group says investors are weighing how long the conflict might last. Ipek Ozkardeskaya, an analyst at Swissquote Bank, noted oil prices could surge again if Iran isn’t on board. Markets are already factoring in a likely ECB rate hike next month and possibly two or three from the Bank of England this year. High oil, plus softer metals, could keep the pressure on mining stocks. Reuters
Thursday’s slide seems more like a sector-wide adjustment than something unique to Glencore. The stock, having recently clawed its way close to its previous high, is back to facing a blunt reality: can coal profits still fill the gap as metals cool and financial conditions pinch? FT Markets
