London, Jan 8, 2026, 08:51 GMT — Regular session
Glencore (GLEN.L) shares slid in early London trade on Thursday as copper prices eased and miners took another step back from this week’s highs. The stock was down about 0.8% at 419.4 pence, after a 1.2% drop on Wednesday; copper futures were off around 0.7%. It traded between 417.9 and 421.7 pence and sits roughly 3% below its 52-week high. 1
The dip comes as investors weigh a bigger question behind the day-to-day noise: how tight the copper market gets, and how fast. S&P Global said on Thursday that global copper demand could rise 50% by 2040 to 42 million metric tons a year, while supplies could fall short by more than 10 million tons annually without more mining and recycling. “Copper is the metal of electrification,” S&P vice chairman Dan Yergin said, while Carlos Pascual at S&P described demand in defence as “inelastic” — meaning it does not shrink much when prices rise. 2
Broader risk appetite has also wobbled. Europe’s STOXX 600, a broad regional share index, was down 0.2% by 08:13 GMT as investors reassessed positions after a strong start to the year, with headlines on U.S.-Venezuela tensions in focus. Cyclical pockets of the market, including basic resources, tend to feel that shift first. 3
In London, the retreat in miners showed up a day earlier as well. The FTSE 100 fell 0.7% on Wednesday, and heavyweights including Antofagasta, Anglo American and Glencore slipped as copper pulled back from recent highs, Sharecast reported. “Investor sentiment turned cautious” amid the U.S.-Venezuela developments, said Patrick Munnelly, partner of market strategy at Tickmill Group. 4
Glencore’s shares can behave like a simple copper proxy, even though the company straddles mining and commodity trading. That mix can help smooth earnings when one line softens, but it also leaves the stock exposed to fast shifts in metals prices and macro mood.
Investors will be looking for signs that recent copper strength is translating into cleaner numbers: steady output, tight cost control, and no fresh operational surprises. Any detail on the trading business’ performance tends to matter too, because it can soften (or amplify) the swings coming from the mines.
But the copper trade cuts both ways. If the metal extends its pullback — or if risk aversion deepens — miners can give ground quickly, and Glencore could get pinned near the session low around 418 pence if sellers press.
