London, Feb 25, 2026, 08:53 GMT — Regular session
- Glencore picked up roughly 1.9% in early London action, after finishing the previous session at 519.3p.
- Glencore has struck a deal to purchase roughly $115 million worth of cobalt connected to a planned U.S. stockpile, Reuters reported.
- Attention shifts to signs from U.S. critical-miner policy, with Glencore’s next production update slated for April 30.
Glencore shares climbed roughly 1.9% to 529.1 pence early Wednesday in London, building on a rebound among miners. Investors looked at reports of a cobalt deal involving a U.S. stockpile and steadier copper prices.
This shift isn’t just about commodities—traders now see “critical minerals” as a policy play, too. Washington’s efforts to shore up supply chains that pass through China and Congo have put fresh pressure on the trade.
The market’s been twitchy over tariffs and growth, and this deal drops right into that mix. Diversified miners such as Glencore know how fast the tape can flip when macro headlines smash up against swings in metal prices.
Glencore has struck a deal to acquire close to 2,000 metric tons of cobalt from industry veteran Rami Weisfisch, Reuters said Tuesday, citing two people familiar. The material—valued at nearly $115 million—will head to the United States, where it’s slated for a planned stockpile. Both Glencore and Weisfisch did not offer comment, according to Reuters.
Cobalt’s been trading around $26 per pound — that’s $57,320 a ton — according to the report, as export curbs in the Democratic Republic of Congo squeeze supply and buyers in China chase after inventories.
Industrial metal miners helped keep the FTSE 100 afloat in London on Tuesday, with copper jumping to its highest in over a week. Glencore and Rio Tinto each added more than 1% during the session. The broader market looked unsettled as investors weighed changes in U.S. trade policy. Confidence still looked shaky, Swissquote Bank analyst Ipek Ozkardeskaya said.
Glencore has signaled its appetite for the U.S. stockpiling initiative. Back in February, CEO Gary Nagle told investors “the underlying momentum in H2 was clear,” although full-year profit came in lower. The company is targeting a $0.17-per-share cash payout, with two equal payments lined up for June and September—pending the nod from shareholders at the May 28 AGM.
Cobalt remains a niche, jumpy market—and policy-driven demand doesn’t always deliver. If U.S. stockpiling cools, Congo changes its export position, or risk appetite fades across industrial metals, the shares could lose their support.
Investors are now eyeing new updates on Project Vault purchases and U.S. moves on critical-miner procurement. Glencore’s first-quarter production numbers land April 30, and its AGM is set for May 28.
