London, March 24, 2026, 11:46 GMT.
Glencore plc slipped 0.69 pence to 514.91 pence by 11:10 GMT on Tuesday, with miners in London losing ground as renewed Iran war jitters rattled demand for cyclical names. The FTSE 100 mining index shed 0.4%. Oil names moved higher, with crude again topping $100 a barrel. 1
This matters for Glencore, caught between two diverging commodity trends. Copper—long a bellwether for factory demand—has felt the sting of global growth fears. Coal, by contrast, is getting a lift as Asian utilities trim their LNG purchases to avoid high costs. 1
Speaking to Reuters on Monday, Freeport-McMoRan CEO Kathleen Quirk said the market’s pricing reflects worries over global growth, though she sees copper demand as driven by longer-term, more fundamental trends. That’s relevant for Glencore, which noted in February that stronger metals prices and improved output—copper in particular—gave second-half earnings a boost. Still, adjusted EBITDA for the full year slipped 6%. 2
Coal is stepping in for now. Asian spot LNG prices have soared—doubling to levels last seen three years ago, Reuters said last week. Meanwhile, the main thermal coal benchmark jumped 13.2% this month. “The conflict will significantly reduce Asian LNG demand growth in 2026,” Lucas Schmitt, an analyst at Wood Mackenzie, told Reuters. 3
Glencore’s stock has managed to weather the year more firmly than Rio Tinto. On March 13, Reuters noted that Glencore shares had surged 26% since Jan. 7, outpacing Rio’s performance and fueling the valuation argument after their merger discussions collapsed in February. 4
Glencore has worked to reassure its income-focused investors, announcing a $2 billion payout to shareholders on Feb. 18. Chief Executive Gary Nagle, speaking that day, pointed to “the underlying momentum in H2 was clear.” 5
Risks aren’t exactly hiding in this story. Glencore’s South African ferrochrome operation—key for stainless steel—signaled last week it might pull out of negotiations for cheaper electricity. “The terms and conditions, the way that it is now, I unfortunately will not be in a position to sign,” unit CEO Japie Fullard told reporters. 6
Glencore has put off layoffs in South Africa until March 31, with Fullard warning that up to 1,500 roles are on the line if talks go nowhere. Next market milestone lands April 30, when Glencore reports first-quarter production. Shares hover around 515 pence; coal holding firm and copper stabilizing could keep support, but any fresh drop in metals—or failure in South African negotiations—could leave the stock vulnerable after its earlier surge this year. 6
