LONDON, February 26, 2026, 08:48 (GMT) — Regular session
Glencore plc dropped 1.8% to 524.8 pence by 0830 GMT in early London trading on Thursday, erasing some of the gains from the previous session. The stock quote lags by 10 minutes.
Miners are giving back some ground but remain among Europe’s top performers after a powerful rally sent the sector to fresh highs Wednesday. The STOXX basic resources gauge is still up roughly 25% since January, tracking a steady climb in metal prices, according to Reuters.
Glencore drew attention after Reuters revealed the company struck a deal to purchase close to 2,000 metric tons of cobalt from longtime trader Rami Weisfisch, a haul valued at roughly $115 million. The cobalt is headed for the United States, destined for a strategic reserve initiative known as “Project Vault”. Cobalt prices, Reuters noted, hovered near $57,320 a ton—surging higher as Congo’s tighter export rules squeezed available supply. Reuters
Copper slipped Thursday, pulling back 0.23% to $13,292 a tonne for three-month contracts on the London Metal Exchange. LME inventories climbed again, reaching 249,650 tons—levels last seen in March 2025, according to a Reuters market report.
Glencore held on to its $2 billion payout for shareholders last week, sticking with the plan despite a 6% drop in adjusted EBITDA to $13.51 billion for 2025. Chief executive Gary Nagle pointed to “the underlying momentum in H2,” repeating his stance that consolidation “could be good for our shareholders.” Reuters
Matt Britzman, senior equity analyst at Hargreaves Lansdown, said takeover chatter with Rio Tinto is “in the rear-view mirror,” shifting the focus for investors back to operations and keeping costs down. He flagged the trading segment as something of a cushion, but cautioned that its complexity isn’t without risk. Hargreaves Lansdown
Cobalt’s market rarely sits still. Congolese export quotas and controls have crimped Chinese supply, pushing prices up, according to Reuters columnist Andy Home. But that tension could disappear fast—prices might tumble if shipments pick up or if demand falters.
Shareholders now have clear dates to mark down. Glencore’s board is backing a $0.17-per-share payout for the year through Dec. 31, 2025, divided evenly over two payments, according to a filing. The plan heads to a vote at the annual general meeting on May 28, with the initial payment slated for June 3.
Investors will zero in on Glencore’s first-quarter production report, set for April 30, searching for evidence that this run-up in metal prices is actually boosting output and cash flow.
