London, Jan 31, 2026, 07:51 GMT — Market closed.
- Glencore shares slipped on Friday, hurt by a late-month drop in metals prices.
- Investors are keeping an eye on the Feb. 5 deadline tied to the Rio Tinto matter.
- Expect copper price swings and takeover-code disclosures to keep trading on edge into Monday.
Glencore (GLEN.L) shares ended Friday at 499.25 pence, slipping 1.7%. London markets were closed over the weekend, setting the stage for a busy week ahead. (Shareprices)
The next few sessions will depend on two key factors: if Rio Tinto submits a formal bid by Feb. 5, and how Glencore’s numbers hold up once the takeover chatter dies down. Glencore warned that its 2026 copper output guidance will range between 810,000 and 870,000 tonnes. This is partly linked to lower ore grades and water restrictions at the Collahuasi mine in Chile, which it operates alongside Anglo American. (Reuters)
That’s important now since the stock acts almost like a headline play. Even a small move in metal prices, a filing, or an offhand remark can push it around.
Glencore’s full-year production report on Thursday revealed its 2025 own-sourced copper output dropped 11% to 851,600 tonnes. But CEO Gary Nagle highlighted that second-half copper production was “almost 50% above H1,” boosted by improved grades and recoveries. The company also forecast marketing adjusted EBIT — a key measure of operating profit — near the midpoint of its $2.3 billion to $3.5 billion annual guidance. Additionally, it provided expected cobalt export quotas in the Democratic Republic of the Congo. (Glencore)
Copper stumbled heading into the weekend. After hitting a record $14,527.50 a tonne on Thursday on the London Metal Exchange, it slid 1.1% on Friday. Investors cashed in gains while the dollar strengthened, following Donald Trump’s announcement that former Federal Reserve governor Kevin Warsh will lead the central bank. “Generalist investors … are taking profits,” said Tom Price at Panmure Liberum. (Reuters)
A Reuters poll of 31 analysts projects the 2026 average for the LME cash copper contract—the spot benchmark—at $11,975 a tonne, significantly under this week’s surge. Natalie Scott-Gray from StoneX called prices above $13,000 “unsustainable,” cautioning that such extremes often trigger sharp pullbacks. (Reuters)
Takeover-code filings are already stacking up. These disclosures, called Form 8.3, must be submitted under the UK Takeover Panel rules. They reveal investors’ positions and trades during a takeover, with many released through the London Stock Exchange news service. (London South East)
Geode Capital Management disclosed holding 108.9 million Glencore shares, equal to 0.93%, as of Jan. 29. The firm reported buying and selling at £5.07 a share. The filing also included positions related to Rio Tinto. (Investegate)
Glencore’s wider portfolio remains active. Steelmaking coal, crucial for steel production, surged in 2025, boosted by its Elk Valley Resources acquisition. Copper output, however, dropped year-on-year despite a solid rally in the latter half, according to a separate report. (The Wall Street Journal)
But the trade cuts both ways. Should copper’s pullback deepen, or if Feb. 5 arrives without a deal, the premium linked to deal optimism could vanish fast — shifting attention back to guidance, costs, and operational limits.
Traders will be tracking copper closely on Monday and through the week to see if it stabilizes after January’s volatility. Attention will also turn to any new takeover filings that could clarify the situation. The key deadline is Feb. 5, when Rio Tinto’s UK clock expires. (Ft)
