London, Feb 2, 2026, 07:55 GMT — Premarket
- Glencore shares ended Friday 1.7% lower, closing at 499.25 pence
- Fresh takeover-code disclosures have emerged as Rio Tinto approaches its decision deadline
- Copper dropped nearly 5%, dragging mining stocks lower as markets opened
Glencore’s shares slid 1.7% to close at 499.25 pence on the London Stock Exchange Friday, after fluctuating between 487.20 and 504.48 pence during the session. Around 55.7 million shares changed hands. (Sharecast)
This week is crucial as the stock faces pressure from two sides. The deal timeline is shrinking, while the metals market has taken a turn for the worse.
That mix can change quickly. Even filings and subtle signs, which might seem minor individually, end up getting blown up.
Under the “put up or shut up” rule, which demands bidders either put forward a firm offer or withdraw, Rio Tinto has until 5 p.m. London time on Feb. 5 to act or declare it won’t move forward—unless the Takeover Panel grants an extension. (Rio Tinto)
On Monday, Mitsubishi UFJ Financial Group revealed it holds roughly 27.3 million Glencore shares and noted minor trades near £5 each. The Form 8.3 filing is mandatory for disclosing positions and transactions during a takeover “offer period.” (Halifax Investments)
The broader market is feeling the pressure. London Metal Exchange copper dropped nearly 5% as commodities took a hit following Donald Trump’s choice of Kevin Warsh to replace Jerome Powell at the Federal Reserve. On top of that, CME Group increased margin requirements — the cash traders must hold to maintain futures positions. “We see it as a correction and a buying opportunity rather than a fundamental shift,” said Vivek Dhar, commodities strategist at Commonwealth Bank of Australia. (Reuters)
For Glencore, copper price swings hit revenue and investor sentiment hard. The stock’s also become a crowded bet for those chasing “metals plus optionality” in a single play.
The downside risk is obvious. Should the commodity slump worsen, miners might face further declines, and if the bidding process wraps up without a firm offer, the takeover premium would probably vanish.
Investors aren’t just watching the deal timeline—they’re also eyeing Glencore’s upcoming results on Feb. 18 for fresh guidance and clues on capital returns. (Investing)
