Glencore Sees Strong Production Amid Fluctuating Prices

Glencore reported strong production for its mining assets in the first half of 2026, despite fluctuating prices. The company's share price rose by 4.38% to R117.61 on the JSE Wednesday afternoon, a 57.3% increase from last year.

Copper, zinc, and nickel prices were largely unchanged, while steelmaking coal prices increased. CEO Gary Nagle said in a production report that key assets performed in line with expectations, with quarter-on-quarter increases in own-sourced production volumes for zinc, nickel, gold, steelmaking coal, and energy coal.

Full-year 2026 production guidance for copper, zinc, and nickel was unchanged, but the mid-points of energy and steelmaking coal guidance were adjusted. Own-sourced copper production reached 397,000 tons, a 15% increase from last year's first half. Cobalt production, however, decreased by 46%, mainly due to the DRC government's export quota regime.

The group's marketing segment is expected to report strong half-year adjusted earnings before interest and tax of £3.3 billion, according to Nagle. The company's performance was largely driven by higher contributions from African Copper and Antamina mines, as well as increased mining rates and improved grades.