London, Jan 7, 2026, 08:38 GMT — Regular session
- Glencore shares were little changed in early London trade after a two-day rally.
- Copper’s record run and tariff concerns have kept miners in focus.
- Investors are looking ahead to Glencore’s late-January production update and February results.
Glencore shares edged lower in early London trade on Wednesday, after two sessions of gains that tracked copper’s record run. The stock was down 0.15 pence, or about 0.04%, at 427.80 pence by 0820 GMT. 1
Copper has been the immediate driver for miners this week after prices surged above $13,000 a metric ton, reviving talk of tight supply and the need for higher prices to unlock new projects. “Copper prices need to rise further,” SP Angel analyst John Meyer said. Concord Resources research director Duncan Hobbs said metals are rallying on “critical minerals and security of supply chains.” 2
Tariff risk has added fuel. U.S. copper futures have traded at a premium to the London Metal Exchange benchmark, a gap that has encouraged traders to ship metal into the United States; a decision on possible U.S. copper tariffs has been deferred until June, Reuters columnist Andy Home wrote. 3
Glencore closed up 2.06% on Tuesday and 2.57% on Monday, putting the shares near the top of their one-year range, MarketScreener data showed. The stock has traded between 205 pence and 428.75 pence over the past year, leaving 430p as a nearby technical ceiling traders are watching. 4
The risk for bulls is that copper gives back gains if the tariff narrative cools or demand signals soften, while sharp price swings can also hit trading margins across the sector. A pullback in base metals would likely drag diversified miners with it, even if company-specific news stays light.
Glencore’s next scheduled catalysts are its production report and resources and reserves update on Jan. 29, followed by preliminary annual results on Feb. 18, the company’s calendar shows. Investors will be looking for production trends, cost direction and any fresh steer on capital returns. 5
