London, Feb 9, 2026, 07:45 GMT — Premarket.
Glencore (GLEN.L) finished Friday’s session in London at 478.10 pence, a gain of 2.85 pence. Over in Johannesburg, the stock slipped 0.89 rand to 104.61 rand by 07:20 GMT on Monday, according to the company’s investor site.
The structure is key here: Glencore’s been moving almost tick-for-tick with commodity swings, copper most of all. As this week kicks off, the market’s pressing its bets on both macro trends and the metals patch again. When the dollar shifts and base metals get shaky, there’s nowhere to duck in London mining shares.
Gold climbed 1.3% to $5,025.97 an ounce as of 06:50 GMT, while silver surged 4.7%, with the dollar touching its weakest mark since Feb. 4, according to Reuters. OANDA’s Kelvin Wong called the move “could be” linked in the short term to the dollar’s dip. KCM chief analyst Tim Waterer pointed instead to “bargain-hunting,” as investors keep an eye on upcoming U.S. jobs and inflation figures later this week. Reuters
Copper moved higher as well. Three-month copper on the London Metal Exchange (LME) tacked on 0.40%, reaching $13,046.50 a metric ton, according to Reuters. Shanghai copper climbed 1.78%, rebounding after a 7.70% drop the previous week. Traders are eyeing both swelling stockpiles and potential demand weakness headed into China’s Lunar New Year holiday, which begins Feb. 15, the report noted.
Glencore’s on deck next week, planning to post its full-year numbers Feb. 18 at 7:00 a.m. UK time. The webcast follows at 8:30 a.m.
There’s focus on Cape Town this week, with the big mining conference kicking off Feb. 9-12, according to a Reuters dispatch from Johannesburg. ETM Analytics, in a note, pointed to stronger precious metal prices giving the rand and some commodity-tied assets what it called “renewed” support. Reuters
Elsewhere, the copper race isn’t letting up. BHP’s Vicuña joint venture is eyeing around $800 million in investment this year for copper projects in Argentina, communications chief Caterina Dzugala told Reuters.
The risks are clear enough. Should the dollar stage a quick recovery, or if metals lose momentum again, mining stocks could just as easily shed those recent gains. Glencore’s shares, in particular, are known for sharp moves when the commodity cycle shifts.
Traders head into the next session eyeing if the weaker dollar trend sticks once U.S. data hit, plus whether metals extend their bounce after last week’s volatility. Glencore’s key event coming up: results in London on Feb. 18.
