London, January 28, 2026, 08:19 GMT — Regular session
- Glencore shares nudged up in early London trading, having just hit a new 52-week peak.
- With Glencore’s full-year production report set for Thursday, investors are also eyeing the looming takeover deadline tied to Rio Tinto discussions.
- Broker notes and takeover-code filings have focused attention on buyers and those offloading shares.
Glencore plc shares edged up roughly 0.3% to 505.5 pence early Wednesday, having touched 508.6 pence—a fresh 52-week high—according to market data. (Investing)
The stock now serves as a quick gauge for two key factors: Glencore’s upcoming volume and cost figures this week, and if takeover rumors gain any traction.
Glencore announced it plans to publish its 2025 full-year production report on Thursday, January 29. The company’s full-year results will follow on Wednesday, February 18. This production report usually details output by commodity and asset, along with notes on costs and any operational hiccups. (Glencore)
Earlier this month, Rio Tinto and Glencore entered preliminary discussions about a potential deal. Under U.K. takeover regulations, Rio must either make a formal offer or abandon talks by February 5. (Reuters)
Filings under the U.K. Takeover Code keep coming in, signaling investors and banks are active within the “offer period,” the disclosure window triggered by a potential takeover. Harris Associates L.P. revealed a holding of 114.6 million Glencore shares, or 0.98%, as of January 26. The firm also reported several sales, including offloading 2.41 million shares at £5.0163 each. (Investegate)
HSBC downgraded Glencore to “hold,” setting a 515 pence price target, in its London broker ratings update on Monday. The same report also highlighted a cut to Rio Tinto’s rating. (London South East)
Commodities are holding steady. Copper, in particular, has shown strength. UBS strategists Dominic Schnider and Wayne Gordon pointed to “ongoing concerns over possible U.S. tariffs on copper and continued disruptions in mine supply” as the main drivers behind the recent rally, despite a dip in near-term demand from China. (Investing.com UK)
Coal continues to be a key variable in Glencore’s earnings outlook. BofA’s commodity analysts bumped their 2026 Newcastle coal price forecast to $123 a tonne, up from $109, and also lifted their hard coking coal estimate to $235 from $186. They pointed to potential disruptions in Indonesian exports and China’s stockpiling as factors driving these revisions. (Investing.com UK)
But the setup works both ways. Any soft production report — whether from weaker copper output, rising costs, or another operational setback — would put pressure on a share price already close to its 52-week high. If Rio doesn’t act by the deadline, the takeover premium could evaporate quickly.
Traders are focused on Glencore’s production report out Thursday, looking for any surprises in copper and coal. Then comes the February 5 deadline for Rio’s next move in the takeover bid.
