London, June 10, 2026, 09:14 BST
Glencore shares slipped again in early London trading Wednesday, with copper lower and traders still wary about Middle East risks, rate moves and China demand. Shares were at 564.70 pence, off 0.79%. The UK blue-chip index edged up, hovering near 10,234.
Glencore was one of the better mining trades this year, but now the market is turning back to commodities, less about takeovers or dividends. The FTSE 100 dropped 1.25% Tuesday, with Standard Chartered, Glencore, and HSBC leading losses, according to Trading Economics.
Copper is in focus. London Metal Exchange 3-month copper fell 0.32% to $13,572 a metric ton by 0700 GMT. Macro worries and Middle East risk weighed more than U.S. tariff hopes. Higher interest rates are cutting into metals demand, since they slow growth parts of the economy like construction and manufacturing.
China’s fresh data left sentiment soft. Imports of unwrought copper and copper products dropped 1.33% in May from April to 446,000 metric tons. In the first five months of 2026, imports were 7% below last year, according to official customs numbers. That lands hard for miners selling into grid, construction and industry demand.
European shares opened a touch higher, up 0.1%, while crude stayed near $90. The market was steadier but not quiet. Investors looked ahead to a U.S. inflation report and the European Central Bank’s meeting, where a 25-basis-point move was widely expected, according to Reuters. A basis point equals one-hundredth of a percentage point.
Glencore shares didn’t move on company news. Instead, they tracked copper, oil, rates and risk mood. “Markets are moving in a holding pattern,” said Craig Cameron, a portfolio manager at Franklin Templeton, pointing to Middle East worries and AI-fueled swings. Reuters
Glencore’s still backed by its own fundamentals. CEO Gary Nagle said in April’s production update that first-quarter production matched forecasts, and full-year 2026 guidance stayed put. Copper from its own sources jumped 19% to 199,600 tonnes, on better ore grades in African copper and at Antamina. Nagle said rising commodity prices should balance out higher diesel and sulphuric acid costs. Marketing is on track to beat the upper end of Glencore’s long-term adjusted EBIT range, he said. EBIT is earnings before interest and tax.
Copper is still the main growth driver, but coal’s role is not settled. Glencore is targeting copper production of 810,000 to 870,000 tonnes in 2026. The company said more output should come in the second half, counting on Collahuasi to pick up as it gets more primary ore and desalinated water.
Glencore’s latest results showed a 6% drop in adjusted EBITDA to $13.51 billion for 2025, still beating the analyst consensus of $13.3 billion. CEO Gary Nagle said “underlying momentum in H2 was clear.” Despite the earnings fall, Reuters said the company will hand $2 billion back to shareholders. Reuters
Competitive forces are still in the background. Rio Tinto dropped out of talks earlier this year that might have led to a $240 billion mining group. Investors still watch Glencore, looking to see if it can narrow the valuation gap with bigger rivals through boosting copper, improving trading profits, or shifting to a new listing. AustralianSuper portfolio manager Luke Smith called a potential Australian listing “positive for Glencore and for the Australian stock exchange.” Reuters
Buffer may not hold if copper falls again, China demand stays weak, or central banks turn more hawkish. That could leave Glencore investors focusing less on the trading unit and more on costs, coal, and what second-half production looks like. A new oil spike would have mixed results—good for trading swings but would squeeze mining profit on diesel costs.
Stock action is stuck between the company’s copper growth pitch and some cash return promises. But this morning, traders are wondering what the story looks like if copper prices stop helping.
