Glencore (LSE:GLEN) delivered a solid operational performance during the first half of 2026, with own-sourced copper production increasing 15% year over year to 397,000 tonnes. The improvement was driven by stronger mining rates and higher ore grades at its African Copper operations, together with improved grades at the Antamina mine in Peru. Production of cobalt, zinc, gold and steelmaking coal declined during the period, largely reflecting regulatory restrictions, mine closures and production curtailments, while nickel and silver output remained broadly stable. Chrome and energy coal production also recorded modest decreases.
The company left its full-year 2026 production guidance unchanged for copper, zinc and nickel, effectively upgrading its like-for-like outlook for copper and zinc following the sale of the Kidd mine in Canada in June. Guidance for energy coal production was increased slightly, while expectations for steelmaking coal were revised modestly lower. Glencore also reported a significant reduction in copper net unit cash costs despite higher input expenses linked to supply chain disruption arising from tensions in the Middle East. Its Marketing division is expected to deliver approximately $3.3 billion in adjusted EBIT for the first half, highlighting the continued strength of its global commodity trading business despite changing pricing conditions across coal and metals markets.
Glencore’s outlook reflects improving revenue and earnings, although profitability continues to be affected by relatively thin margins, increasing leverage and weaker free cash flow conversion. Technical indicators remain supportive, with the shares continuing to trade above key moving averages and maintaining positive momentum. While the company’s valuation remains relatively demanding and dividend yield is modest, management’s reaffirmed production guidance, continued growth in copper output and resilient Marketing performance provide a positive backdrop despite ongoing operational and cash flow risks.
About Glencore
Glencore is one of the world’s largest diversified natural resources companies, with operations spanning the production, processing and marketing of metals, minerals and energy products. The group produces commodities including copper, zinc, nickel and coal, while also operating one of the world’s largest commodity marketing businesses, with significant exposure to African and South American copper operations and global energy markets.
Its portfolio combines wholly owned mining assets with joint venture operations, supplying essential raw materials for industries such as steel production, power generation and manufacturing. Through its Marketing division, Glencore captures value by trading commodities across different regions and markets, allowing the company to benefit from price, quality and logistical differences while balancing earnings between production and trading activities.
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