London, Feb 13, 2026, 08:35 GMT — Regular session
Glencore shares edged up 1.1% to 499.62 pence early Friday in London, bouncing back a bit after slipping 1.7% the day before. The stock’s session range: 492.75 to 502.00 pence, based on market data. (Investing)
This shift is notable: miners are back to tracking copper, especially after a turbulent week across broader markets. Copper advanced 0.8%, while the FTSE 100 edged higher—conditions that usually flow right through to sentiment around diversified miners and trading firms. (Reuters)
The news comes just ahead of Glencore’s annual results, with management set to provide new details on volumes, cash returns, and strategy for its wide-ranging portfolio—copper, coal, and marketing all on the agenda. Glencore confirmed it will report its 2025 full-year results on Feb. 18, followed by a webcast that morning. (Glencore)
Shareholder returns have stayed in focus. Glencore’s 2025/2026 buyback—when a company acquires its own stock—kicked off with plans to wrap up by the February 2026 results, according to the company. (Glencore)
Deal jitters haven’t fully cleared. On Feb. 5, Rio Tinto and Glencore called off merger discussions, scrapping months of chatter about a potential sector shake-up. Glencore shares slumped 7% at the close, according to Reuters. (Reuters)
Since then, talk has shifted toward asset sales and sharpening the company’s focus. “The next step may be to sell off assets individually,” Iain Pyle, investment manager at Aberdeen, told Reuters following the close of the Rio discussions. George Cheveley at Ninety One, another shareholder, said Glencore could “tidy up their portfolio and release value.” According to Reuters, Glencore is widely expected to move forward with disposals aimed at increasing its exposure to copper—among them, a possible sale of its 70% stake in Kazzinc. The outlet also flagged ongoing talks to offload 40% of Glencore’s Congo copper and cobalt unit. (Reuters)
Still, the stock acts more like a stand-in for commodities. Any dip in copper or coal prices tends to overshadow whatever story the company is telling. If there’s even a whiff of slower cash returns or rising costs, the market could pivot hard.
Resource nationalism and supply shocks remain front of mind for traders, especially in copper and cobalt. Political moves can throttle output long before any spreadsheet has time to catch up.
The next thing to watch: results and a webcast coming up on Feb. 18. Investors are zeroed in on 2026 production targets, capital spending plans, and any signals about continuing buybacks. (Glencore)
