London, Jan 26, 2026, 07:50 GMT — Premarket update
- Glencore shares kick off the week ahead of a full-year production update expected in a few days.
- The Rio Tinto discussions continue to dominate, all while the formal-offer deadline looms.
- Volatility in metals and FX has returned, shaking up miners and commodity traders alike.
Glencore plc shares are drawing attention again ahead of Monday’s London open. Investors are moving beyond Friday’s rebound, eyeing a busy week full of key events for the miner and commodity trader.
Glencore’s full-year production report is coming up next, offering the first solid update since takeover rumors dragged the stock back onto deal-watch radars and tied its moves closely to daily shifts in copper, coal, and oil prices.
This is crucial now since the stock’s price reflects two stories: its 2025 performance and potential acquisition value. Changes in either angle tend to hit the price quickly, particularly with London’s major miners often moving in sync.
Glencore closed Friday up around 2.2% at 501 pence, after moving between roughly 485 pence and 501 pence during the day. (Investing)
Glencore announced it will release its full-year 2025 production report on Thursday, Jan. 29, at 0700 UK time via the London Stock Exchange’s Regulatory News Service. (Glencore)
Glencore plans to release its preliminary annual results on Feb. 18. (Glencore)
Rio Tinto is reportedly weighing a bid for Glencore, with a Feb. 5 deadline looming to decide on a formal offer under UK takeover rules, according to Reuters. Richard Hatch, an analyst at Berenberg, pointed to BHP as “the most likely interloper to this deal.” (Reuters)
A Reuters report noted that the proposal has found more favor with investors in London than in Australia, where Rio Tinto remains the dominant pick. So far, neither company has disclosed a price or a premium for the takeover. (Reuters)
The filings kept rolling in. A Form 8.3 from Barclays, dated Jan. 22, revealed stakes in Glencore’s shares and derivatives. These disclosures cover holdings or trades hitting the 1% threshold under the Takeover Code. (Shareprices)
Macro tensions are keeping nerves high. Gold surged past $5,000 an ounce as the dollar dipped and traders braced for the U.S. Federal Reserve meeting later this week; Brent crude hovered near $65.91 a barrel. “This should underwrite continued metals outperformance,” said Prashant Newnaha, senior rates strategist at TD Securities. (Reuters)
But the upside comes with risks. Should Rio retreat or regulators intervene aggressively, forcing asset divestments, the takeover premium could evaporate fast. Sources told Reuters BHP has no plans to bid and is holding back while Rio and Glencore negotiate. (Reuters)
Traders are gearing up for Glencore’s full-year production report due Thursday. They’ll also be looking closely for any new hints before Rio’s decision deadline on Feb. 5.
