LONDON, Jan 5, 2026, 08:32 GMT — Regular session
- Glencore shares rose 2.6% to 419.3 pence in early London trade, near a 52-week high.
- Copper futures climbed about 3%, lifting miners including Rio Tinto and Anglo American.
- Investors are looking ahead to U.S. payrolls data on Friday and Glencore’s Jan. 29 production update.
Glencore GLEN.L shares rose about 2.6% in early London trade on Monday, taking the stock to 419.3 pence from a previous close of 408.8 pence.
The move puts one of the FTSE 100’s biggest commodity names back in focus at the start of the first full trading week of 2026, when repositioning can amplify swings in cyclical stocks.
For Glencore, the key question is whether the metals tape keeps improving. The group’s earnings are closely tied to industrial commodity prices, with copper a core driver.
Copper futures were up 3.1% at $5.8685 a pound, while London-listed peers also moved higher. Rio Tinto was up 1.75% and Anglo American gained 3.60%.
Markets were also digesting fresh geopolitical risk after the United States captured Venezuelan President Nicolas Maduro over the weekend. Spot gold was up 2.2% by 0742 GMT as investors sought safer assets.
Glencore has no immediate trading statement pencilled in, leaving investors to look to its scheduled calendar. The company has flagged a full-year production report and a resources and reserves update for Jan. 29, followed by preliminary annual results on Feb. 18.
Neil Shearing, group chief economist at Capital Economics, said the removal of Maduro “is unlikely to have meaningful near-term economic consequences for the global economy,” even as political risks linger. Reuters
But the early rally in miners can reverse quickly if copper gives back gains or if a stronger dollar tightens financial conditions for commodity buyers. Any hit to industrial demand would test momentum traders chasing the sector’s breakouts.
Glencore traded between 416.45 pence and 421.05 pence in early dealings, leaving it within range of its 52-week high.
Near-term focus turns to U.S. non-farm payrolls data due Friday, which investors use to gauge the interest-rate outlook and the dollar’s direction. For company-specific catalysts, the next test is Glencore’s Jan. 29 production and reserves update.
