London, Feb 24, 2026, 07:54 GMT — Premarket
- Glencore shares slipped in Johannesburg trading, coming off Monday’s 1.2% gain in London.
- Big mining names are spotlighting copper as a bigger piece of their profit mix, sending copper-heavy miners back into the market’s crosshairs.
- Commodity prices remain in focus for investors, while Glencore’s May shareholder vote on its 2025 cash distribution plan is also drawing attention.
Glencore (GLEN) slipped roughly 1.2% on the Johannesburg Stock Exchange, landing at 110.66 rand by 0716 GMT—just ahead of the London open. London shares last finished at 513 pence, up 1.18% on Monday. (glencore.com)
The JSE’s initial direction often shapes expectations for London’s open, especially on days without much in the way of company news. Glencore, straddling both metals and energy, usually sees traders zeroing in on moves in commodity prices and peers when things are slow on the corporate front.
Copper’s back in the spotlight. Both BHP and Rio Tinto’s latest numbers show just how central the metal has become to their profits, thanks to this year’s steep price surge. That same rally is also forcing miners to shell out more when chasing new assets. (Reuters)
Glencore keeps talking up copper as its main growth engine, though coal and trading are still generating most of the cash. Last week, Chief Executive Gary Nagle highlighted “clear momentum for our copper-led growth strategy” and said the company is aiming to produce about 1.6 million tonnes of copper by 2035. For 2025, adjusted EBITDA came in at $13.51 billion—down 6%—and Glencore laid out plans for a $0.17 per share cash payout, split into two installments. (glencore.com)
The distribution schedule spells out key dates: shareholders are set to vote at the annual general meeting on May 28. The first tranche goes ex-distribution in early May, with payment expected on June 3. The second tranche is lined up for a Sept. 18 payout, per the outlined timetable. (Research Tree)
Right now, the stock moves as a stand-in for sentiment around commodities. When copper prices climb, it usually pulls the group up; the reverse is true if demand jitters show up—diversified miners can get knocked down quickly. Glencore’s coal business and its trading division help blunt some of those swings, though this mix makes the company’s daily earnings outlook tricky to pin down.
The risk here isn’t complicated. Copper’s rally could unwind fast if warehouse stocks climb or macro jitters flare up, while softer coal prices keep squeezing cash. The shareholder returns plan only holds up if markets cooperate—if not, or if management pivots on the balance sheet, that framework faces real constraints.
Traders are eyeing the London open, keeping tabs on copper prices, and checking if sector momentum spills over to miners not posting results this week. Glencore’s next set event: first-quarter production numbers drop April 30, then the AGM vote lands May 28. (glencore.com)
