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LON:GLEN

Glencore PLC

SPECULATIVE BUY 2026-08-01 Updated today 543.00p Basic Materials - Industrial MaterialsREDUCE ZONE
49

Position levels

Currenttoday
543.00p
Buy <=wait / entry
433.33p
Trim >=take some off
540.00p
Thesis breakA confirmed material operational or geopolitical loss at a named DRC or Chile co...
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Scenario-weighted conviction

ProbabilityScoreContribution
Bull case15%100 / 10015.0
Base case49%62 / 10030.4
Bear case36%10 / 1003.6
Weighted conviction49 / 100 - SPECULATIVE BUY

Top risks

  • Full-year 2026 copper and zinc production guidance effectively upgraded on like-for-like basis after Kidd mine sale
  • H2 2026 expected to deliver stronger volumes especially for copper and coal
  • Record metal trading performance contributing to earnings despite overall decline
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Research is for informational purposes only. Not financial advice. All analysis reflects the date of publication.