LONDON, May 2, 2026, 19:08 BST
Glencore plc posted a 19% bump in first-quarter copper production, reaching 199,600 metric tons, compared with 167,900 tons the previous year. The Swiss commodities group said its marketing division is still positioned to top the upper end of its annual earnings target, with energy and metals markets continuing to see volatility.
That’s relevant now, as Glencore draws support from both its mining and trading operations. Output of copper—a key material for electric vehicles, power infrastructure, and charging stations—is running higher. On the trading side, Glencore’s teams are capitalizing on fractured supply chains in crude oil, refined fuels, and sulphuric acid. Chief Executive Gary Nagle described first-quarter output as “largely in line” with what the company anticipated, adding that its full-year 2026 production forecast hasn’t changed. Glencore
The trading signal could be even bigger. According to Bloomberg via Moneyweb, commodity traders are cashing in as the Iran conflict shakes up the energy sector. Glencore’s trading arm is now set to top $3.5 billion in core earnings this year, after hitting $2.9 billion last year.
It was a rough production sheet: cobalt output tumbled 39% to 5,800 tonnes. Zinc dropped 17%, nickel slid 9%, steelmaking coal took a 22% hit, and energy coal edged down 2%. Glencore, however, left its 2026 targets untouched, sticking with copper guidance at 810,000 to 870,000 tonnes.
Cobalt out of Congo is still the headache. The government’s quota system—capping exports—will keep limits in place through at least the end of 2027. Glencore figures exports should get back to normal this year, keeping with its 2026 quota. Since the February 2025 export halt in Congo, cobalt prices have surged 160%, according to Reuters.
RBC analyst Ben Davis pointed out that Glencore hasn’t rolled out “comfortably exceeding” in its trading outlook since 2022—the same year the unit booked $6.4 billion in operating profit. He doesn’t expect a repeat of that number, but says the “potential is clearly there” if the current turmoil in crude products keeps up and starts to affect gas and coal, too. Investors’ Chronicle
By Friday’s close in London, Glencore shares slipped 0.85% to 563 pence, following a 2.62% jump the previous day that left them at 567.80 pence, according to market data. Investors had already reacted ahead of the update.
Thursday’s rally in the stock gave the FTSE 100 a bump, pushing the index up 1.6% at the close. Reuters flagged Glencore’s 2.6% climb after its copper production numbers landed. Rolls-Royce added to the momentum, driving a broader earnings boost for the London benchmark.
Still, the trade isn’t without risk. Nagle flagged that so far, the war has been denting Glencore mostly via pricier diesel, more expensive acid, and a softer dollar. He’s counting on firmer commodity prices to outweigh those pressures. But if prices pull back—or if physical bottlenecks escalate—the case for fatter margins starts to erode.
Brazil saw a smaller move on the asset-development front as Mineração Rio do Norte, the country’s top bauxite miner with Glencore, Rio Tinto and South32 among its shareholders, secured an installation licence for its Novas Minas project. The permit greenlights construction at five new sites, locking in support for operations in western Pará through 2041. Bauxite, the key source for aluminium, remains central to the project.
The backdrop among rivals remains in flux. Back in February, Rio Tinto and Glencore scrapped merger discussions that might have produced the biggest miner globally—market cap north of $200 billion—after Rio concluded shareholder returns wouldn’t justify the move. Glencore, for now, is betting on a rebound in its copper business, its trading arm’s performance, and whether market turbulence continues to play to its strengths.
