London, June 11, 2026, 09:30 BST
- Glencore gained 0.96% to 569.4p early Thursday. The stock ended Wednesday at 564p.
- Copper stays weak, keeping pressure on sentiment, but coal prices are firmer and giving the miner-trader some support.
- Glencore’s July production report and August half-year earnings are the next big tests for the company.
Glencore plc shares pulled back some losses in London Thursday, up 0.96% at 569.4p after slipping for two days straight. The bounce came as investors watched falls in copper and a move higher in coal. The miner and commodity trader’s market capitalization stood around £66.6 billion, based on delayed data. Previous close was 564p.
Glencore’s rebound was small. The stock finished Monday at 595.1p and dropped to 569.2p Tuesday, then slipped again to 564p Wednesday, so Thursday’s gain did little to make up for earlier losses. Turnover was heavy on Tuesday, with 68.1 million shares traded, hinting that sellers weren’t just making small cuts.
Copper is under pressure, with the metal used in construction, energy and electronics. According to Reuters, three-month copper on the London Metal Exchange lost 0.32% to $13,572 a metric ton on Wednesday. Worries over the economy and Middle East risks weighed more than hopes for U.S. copper tariffs. Higher interest rates often cut metals demand by slowing down construction, manufacturing and other sectors that rely on credit.
Copper is still key for Glencore, more so than for a pure coal player. The trader’s copper output climbed 19% year-on-year in the first quarter to 199,600 metric tons, thanks to better production in Africa and Antamina. That keeps copper at the center of how the market sees Glencore’s growth prospects.
Coal prices keep moving higher. Thermal coal finished at $150.95 a metric ton on June 10, up 0.5% for the day and climbing more than 15% in the past month. Export limits in Indonesia and unrest in the Middle East are helping drive buyers to coal as an option over gas. Glencore’s targets for 2026 remain at 95 million to 100 million metric tons for energy coal and 30 million to 34 million metric tons for steelmaking coal. Higher coal prices still matter for Glencore’s cash generation.
Shareholders now have to judge if the current offset will hold up. Glencore reported a mixed Q1 production picture: copper output rose, but cobalt dropped 39%, zinc lost 17%, nickel slid 9% and steelmaking coal fell 22%. CEO Gary Nagle said production was “largely in line with our expectations” and kept full-year 2026 production guidance “unchanged.” Glencore
Glencore said in April the Middle East conflict had shaken up crude oil, refined products and sulphuric acid markets, pushing up some input costs. But management said higher commodity prices should more than make up for those pressures. They added that if first-quarter marketing performance continues, it would beat the top end of their long-term adjusted EBIT guidance. EBIT stands for earnings before interest and tax, which is operating profit before financing costs and tax.
Larvotto Resources out of Australia said this week it signed a binding offtake deal with Glencore for gold concentrate from its Hillgrove gold-antimony project in New South Wales. The supply covers the first seven years of mining and around 15,000 dry metric tons a year. Offtake agreements lock in future output. For Glencore, this just means more physical flows in its trading book, not a shift in the equity case.
Investors looking for income are still in the Glencore trade. The miner handed shareholders a return of capital of $0.085 per ordinary share on June 3, after getting sign-off at its annual meeting in May. That payout is one reason the stock stays on the radar when commodity prices get volatile.
Both legs of the trade could falter at the same time. Copper might stay weak if markets brace for slower manufacturing or less rate-cut optimism. Coal could reverse if energy disruption fades. Glencore faces its own risks, with much of its 2026 target loaded in the back half—key copper work at Collahuasi, plus more coal coming from Canada, Ulan, Bulga and Cerrejón.
Glencore will put out its half-year production update on July 29, and report first-half earnings on August 5. Investors want to see if the company can deliver higher output and trading profits in the second half to make up for copper swings, rising costs, and coal market uncertainty.
