LONDON, March 17, 2026, 14:21 GMT
By 13:30 GMT Tuesday, Glencore’s in-house share-price tracker pegged the London stock at 527.3 pence—an 11.3 pence gain for the day. Traders responded to a Reuters story suggesting the miner sourced metal from China’s Wuxi exchange to fulfill supply promises. Glencore
The stock’s edged up, now hovering just shy of 530p—right where Glencore landed at its 2011 IPO, a level management tracks with particular interest. Cobalt, a crucial battery metal for the group, finds itself in a much tighter market this year compared to last. Reuters
Glencore has moved hefty volumes of cobalt out of Wuxi following Congo’s tighter export restrictions, Reuters said Monday. The African nation produces 72% of the world’s cobalt. Glencore’s target: ship out 22,800 metric tons from Congo this year, down from last year’s 33,500 tons. Cobalt prices? Up 160% since February 2025, now sitting at $57,320 per ton. Reuters
The squeeze on cobalt isn’t just about electric cars. The metal’s role in military hardware is growing, too. Back in February, Reuters said Glencore had struck a deal to buy close to 2,000 metric tons from Rami Weisfisch, a long-time player in the sector. That cobalt is set for the U.S. government’s Project Vault stockpile. Last month, Gary Nagle confirmed Glencore’s involvement. Reuters
Stocks found some traction. The FTSE 100 in London picked up 0.6% by 1042 GMT. Energy names surged to a record as oil prices climbed, following fresh Iranian attacks on the UAE. STOXX 600 tacked on 0.3%, with Brent crude trading above $100 a barrel. Reuters
Strategy remains central to the valuation pitch. “I do believe that consolidation can be good for our shareholders,” Glencore chief Gary Nagle said following February’s results. Reuters, citing sources on March 13, reported that the company sees stronger coal prices—and a rebound in its own shares—as bolstering its position for any renewed talks with Rio Tinto after the current UK takeover rule cooling-off window wraps up in six months. Reuters
Fund managers aren’t out of options yet. “The next step may be to sell off assets individually … to create a more concentrated copper and trading business that could attract a higher multiple,” Aberdeen investment manager Iain Pyle told Reuters in February. Over at Ninety One, portfolio manager George Cheveley pointed out that coal cash flow is still “very valuable” for Glencore. The company has also stuck to its promise of a $2 billion shareholder return, even after adjusted EBITDA—a key operating profit figure—slipped 6%. Reuters
The trade’s anything but straightforward. Investors, according to Reuters, are already repositioning for higher inflation and tweaking their rate bets if oil surges again. Glencore, meanwhile, can’t shake off disruption at its Townsville copper refinery in Australia, where a pay dispute has workers on strike. As for Rio, a comeback isn’t even on the table for another six months after those talks fizzled back in February—leaving shares stuck chasing that 530p level, not breaking through it. Reuters
