Glencore Share Price Today, 20 November 2025: GLEN Slips to ~351p as Smelter Cuts, Offtake Deals and Transition Headlines Shape Outlook

Glencore plc (LON: GLEN), the FTSE 100‑listed commodities and mining giant, is trading slightly lower in London on Thursday, 20 November 2025, even as fresh news breaks on South African smelter closures, copper offtake financing in South Africa and mine‑land transition plans in Australia.

As of mid‑morning in London, Glencore’s London Stock Exchange (LSE) shares were changing hands at around 351p, down roughly 0.5% from Wednesday’s close of 352.90p. That price gives the group a market value of just under £42 billion. ^[1]

Glencore share price today (LON: GLEN)

Last trade (approx.): 351.0–351.1p, down about 1.9p on the day (‑0.5%) as of around 09:50–10:50 GMT on 20 November 2025. ^[2]
Previous close: 352.90p on Wednesday, 19 November 2025. ^[3]
Market capitalisation: c. £41.9bn. ^[4]
52‑week trading range: roughly 205p to 397p. ^[5]

Glencore’s own investor centre shows the LSE quote at 351.0p at 09:50 GMT, with the parallel JSE listing at 79.08 ZAR, both down around half a percent on the day. ^[6]

Technically, the stock is still in the upper portion of its 12‑month range after a strong recovery from the 200p–250p area seen earlier in the year. ChartMill rates Glencore 7/10 on technicals, noting a bullish long‑term trend and neutral short‑term trend, with support flagged around 340–345p and resistance in the 357–366p band. ^[7]

How Glencore has been trading into 20 November 2025

Glencore’s move today comes after a choppy few sessions:

Over the past week, GLEN is down just over 5%, reflecting profit‑taking and pressure on UK miners after a global risk‑off wobble. ^[8]
Over the past month, the stock still shows a gain of about 3–4%, having traded in a wide 340–377p band. ^[9]
Over three months, Glencore has rallied more than 20%, helped by firmer coal prices, improving copper sentiment and ongoing share buybacks. ^[10]

The broader backdrop is supportive today: the FTSE 100 is up around 0.5–0.7% as global equities rebound after Nvidia’s blockbuster earnings eased worries about an AI “bubble”. ^[11] Glencore, however, is lagging that index bounce slightly, trading fractionally lower.

Key Glencore‑linked news dated 20 November 2025

While Glencore itself has not issued a new corporate RNS today, several fresh stories on 20 November 2025 touch the group’s operations, partners and long‑term positioning.

1. Orion Minerals: Glencore offtake and financing terms “being finalised”

In South Africa, Orion Minerals has released a fresh update on funding its Prieska Copper Zinc Mine (PCZM) and related offtake arrangements with Glencore.

A stock exchange announcement and JSE SENS filing today state that Orion is working with Glencore and other financiers to finalise binding terms for between US$200 million and US$250 million of debt financing, alongside offtake agreements for future copper and zinc concentrate from Prieska. ^[12]

For Glencore, the headline is incremental but strategically important:

It strengthens the group’s copper and zinc pipeline in South Africa at a time when global copper supply is tight and long‑dated projects are heavily scrutinised. ^[13]
It potentially adds to Glencore’s marketing business, locking in volumes in a metal suite (copper and zinc) central to energy transition demand.

There has been no obvious intraday spike in GLEN’s share price tied specifically to the Orion news, suggesting investors view it as supportive but not transformational in the near term.

2. Glencore–Merafe chrome venture confirms retrenchments and smelter shutdowns

In ferrochrome, the Glencore‑Merafe Chrome Venture has confirmed that it will commence retrenchments and place its Wonderkop and Boshoek ferrochrome smelters in South Africa into care and maintenance, following a consultation process first launched on 1 September. ^[14]

According to industry and trade‑press coverage:

The decision is linked to surging electricity tariffs and structural pressure on ferrochrome margins.
Smelter capacity will be idled rather than permanently closed, preserving the option to restart if economics improve.
Job losses will follow, sharpening political and community scrutiny of major miners operating in South Africa. ^[15]

For Glencore shareholders, the move underscores two themes:

Cost discipline and portfolio pruning – management is prepared to idle energy‑intensive assets that no longer clear the company’s return hurdles.
Social and political risk – retrenchments in high‑unemployment regions feed into ESG and government relations risk, which investors must factor into valuation and scenario analysis.

The chrome operations are a relatively small slice of Glencore’s diversified portfolio, but they contribute to the market’s cautious tone around the stock’s regulatory and social licence exposures.

3. Australia funds master plans for Glencore coal mine land reuse

In Australia’s Hunter region, the Albanese government has announced A$5 million in funding (with support from New South Wales) to develop master plans for two large mine sites: BHP’s Mt Arthur and Glencore’s Macquarie Coal/West Wallsend site near Lake Macquarie. ^[16]

Official statements from the Net Zero Economy Authority and NSW government highlight that:

The work aims to repurpose former coal mine land into “productive, sustainable assets” supporting new industries and jobs.
The Glencore site is singled out as a candidate for future reuse, with local councils seeing it as a blueprint for mine‑closure planning elsewhere. ^[17]

Financially, this is not a near‑term earnings driver, but it matters for:

Closure liabilities and rehabilitation strategy – robust planning can reduce long‑term risk and cost overruns.
ESG perception – Glencore’s coal portfolio is often criticised; involvement in structured land‑reuse planning supports its “managed decline” narrative on thermal coal.

4. Angola permitting reforms name Glencore among key miners

A Bloomberg report today notes that Angola is moving to speed up mine permitting and cut red tape to attract more mining investment, naming Glencore among the companies active or interested in the country’s resource sector. ^[18]

Details are still limited, but faster approvals and clearer permitting frameworks could, over time, improve the economics of Glencore’s exploration and development pipeline in the region, particularly for copper and battery metals.

5. Legal and industry references: arbitration and market studies

Two additional 20 November items reference Glencore, though they are unlikely to move the share price on their own:

An Indian legal analysis piece discusses a Supreme Court decision in Glencore International AG v. Shree Ganesh Metals, focusing on when an unsigned arbitration agreement can still bind the parties. ^[19]
A global Mining Production Market research press release lists Glencore among the major players expected to benefit from long‑term demand growth. ^[20]

For investors, these simply underline that Glencore remains embedded across legal, financial and commodity‑market discourse worldwide.

Technical spotlight: 200‑day moving average, support and resistance

Technical commentators have been paying close attention to GLEN’s chart this week:

A MarketBeat note published today highlights that Glencore’s share price recently pushed above its 200‑day moving average, estimated around 309p, with Wednesday’s intraday levels around 354p reinforcing a bullish long‑term trend signal. ^[21]
ChartMill’s latest data (10:50 GMT) show GLEN at 351.025p, about ‑0.53% on the day, trading in the upper half of its 12‑month range and scoring 7/10 on technicals. ^[22]
Key support is identified in a band around 340–345p, with resistance between roughly 357p and 366p, implying today’s price sits in the middle of a short‑term consolidation zone. ^[23]

Not all technical services are equally upbeat. StockInvest.us, which focuses on short‑term trading signals, downgraded Glencore from Hold/Accumulate to “Sell Candidate” after Wednesday’s session, flagging a cluster of short‑ and medium‑term sell signals even while its model still projects potential upside over a three‑month horizon. ^[24]

For traders, today’s picture is therefore mixed:

Medium‑term trend: Still positive and above major moving averages. ^[25]
Short‑term: Consolidation below recent highs, with some momentum indicators flashing caution.

Fundamental backdrop: Q3 production, guidance and portfolio moves

Production and guidance

Glencore’s latest official update remains the Third Quarter 2025 Production Report, published on 29 October. ^[26] Key takeaways from that and related coverage:

Copper: First‑nine‑months copper production was down about 17% year‑on‑year, mainly due to lower grades at some mines and asset transitions, though third‑quarter output increased versus earlier in the year. Guidance for 2025 was tightened but broadly maintained. ^[27]
Coal and other commodities: Coal volumes and margins remain robust, with Proactive Investors describing Glencore as “powering into year‑end on coal strength” and noting that guidance across key commodities is still intact.

Analysts such as Deutsche Bank’s Liam Fitzpatrick continue to rate Glencore a “buy” with a 400p price target, implying mid‑teens upside from today’s 351p area. Other houses cluster around similar levels, and Simply Wall St has noted that the consensus price target has drifted up from about £3.93 to £4.00 over recent months.

Portfolio reshaping and ESG pressures

Several recent corporate moves continue to colour the market’s view of Glencore:

Century Aluminum stake cut: Reuters reported this week that Glencore trimmed its stake in U.S. aluminium producer Century Aluminum from roughly 43% to 33%, monetising part of a position that had surged on U.S. tariff‑driven gains in local aluminium producers. ^[28]
Canadian copper smelter saga: Earlier in November, Reuters reported that Glencore was considering shutting its Horne copper smelter and associated Canadian Copper Refinery in Quebec because of heavy environmental‑upgrade costs and squeezed smelter margins – an article Glencore later pushed back on, insisting it continues to work on emissions reductions and stakeholder engagement. ^[29]
Share buybacks and distributions: Glencore’s 2025/2026 share buy‑back program is still running, while recent distributions have been more modest than the post‑COVID peak. ^[30]

All of this feeds into a narrative where Glencore is:

Leaning into transition metals (copper, cobalt, nickel) and marketing strength.
Gradually shrinking and reshaping more problematic industrial assets (older smelters, energy‑intensive ferroalloys, some coal operations).
Maintaining meaningful capital returns while keeping balance‑sheet flexibility.

Dividends, valuation and yield

Dividend and valuation data as of 20 November 2025 show a stock that is neither a pure income play nor a deep‑value “fallen angel”:

The last dividend was 3.95p per share, with an ex‑dividend date of 28 August 2025 and payment on 19 September. ^[31]
Total ordinary dividends over the past year amount to around 7.9p per share, giving a trailing yield of roughly 2–2.3% at today’s price. ^[32]
Because Glencore reported a net loss in 2024, headline P/E ratios look negative, but cash generation remains robust and balance‑sheet leverage moderate. ^[33]

In short, Glencore currently screens as:

A cyclical, commodity‑leveraged equity with moderate yield.
Trading below the 400p analyst target cluster, but not at a distressed valuation.

What to watch next for Glencore investors

Looking beyond today’s modest share‑price dip, several catalysts and themes are likely to drive GLEN over the coming weeks and months:

End‑of‑year trading and 2026 guidance
- Glencore has flagged a 2025 Capital Markets Day and continues to highlight its transition‑metals portfolio and shareholder returns strategy. ^[34]
- The next scheduled earnings event is expected around 17 February 2026, when full‑year 2025 results and fresh guidance should give investors a clearer view on capital allocation, coal plans and growth projects. ^[35]
Follow‑through on today’s news
- How quickly Orion Minerals can close financing and ramp up Prieska – and on what commercial terms – will shape the long‑term value of Glencore’s offtake exposure. ^[36]
- The Glencore‑Merafe smelter cuts will be watched for any knock‑on impact on chrome markets, South African energy policy debates and ESG perceptions. ^[37]
- Implementation of the Hunter mine‑land masterplans and Angola’s permitting reforms will signal how well Glencore can navigate the twin pressures of decarbonisation and national development agendas. ^[38]
Commodity price swings
- Copper’s supply‑demand balance, coal price volatility and smelter treatment charges all feed directly into Glencore earnings. Recent Q3 commentary emphasised tighter copper markets and ongoing coal strength; any reversal there would quickly flow into the share price. ^[39]
Regulatory and legal developments
- Ongoing anti‑bribery cases involving former Glencore employees, environmental litigation around smelters and arbitration disputes such as Glencore International AG v. Shree Ganesh Metals keep legal risk firmly on the radar. ^[40]

Bottom line: what today’s move means

On 20 November 2025, Glencore’s share price is drifting modestly lower around 351p, underperforming a rebounding FTSE 100 but holding comfortably above key technical supports and well clear of its 52‑week low. ^[41]

Today’s fresh headlines – from offtake financing at Prieska to smelter cuts in South Africa and mine‑land transition work in Australia – reinforce the core Glencore story:

A high‑beta, globally exposed commodities group,
juggling portfolio rationalisation, ESG scrutiny and transition‑metal growth,
while trading at a discount to analyst fair‑value estimates but with real, multi‑faceted risk.

For investors, GLEN remains a stock where macro cycles, policy decisions and operational headlines can move the price quickly. Anyone considering a position should weigh that volatility alongside the upside implied by consensus targets and Glencore’s own capital‑returns framework.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always do your own research or consult a licensed financial adviser before making investment decisions.

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