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Glencore Shares Surge After H1 Profit Rebounds on Trading Strength
Glencore shares surged in London trading after the commodity giant reported a sweeping earnings recovery for the first half of 2026, driven by a near-record performance in its trading division and a significant increase in copper production. The company's stock (LSE:GLEN) climbed 4.1% to 573 pence during the session following the release.
H1 Earnings Rebound
According to its results for the six months ended June 30, Glencore's adjusted EBITDA surged 86% year-over-year to $10.1 billion. This performance fueled a sharp reversal in profitability, with the company reporting a net income attributable to shareholders of $4.4 billion, compared to a $655 million loss in the same period a year earlier.
Revenue also saw substantial growth, climbing 49% to $174.4 billion. The strong results underscore a significant financial turnaround for the diversified miner and commodity trader over the past year.
Marketing and Metals Drive Performance
The standout driver was Glencore's marketing division, which capitalized on heightened volatility across energy and shipping markets. The unit posted an adjusted EBIT of approximately $3.3 billion, which is near the top end of the company’s full-year guidance range.
AdOn the industrial side, copper output rose 15% to 397,000 tonnes. CEO Gary Nagle said he was "pleased to report a strong production performance for the first six months of the year." The company left its full-year production guidance for copper, zinc, and nickel unchanged.
Market Context and Outlook
The rally was supported by a positive market environment, with London's FTSE 100 index advancing and mining stocks seeing broad demand across Europe. Firming zinc prices, attributed to tight near-term supply, also provided a tailwind for Glencore's industrial assets.
Looking ahead, Glencore also announced plans for a secondary listing on the Australian Securities Exchange (ASX) in October. The company stated the move is intended to broaden its investor base.
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