Glencore delivered a stronger third quarter across several key commodities and expects 2026 Marketing Adjusted EBIT to exceed $5 billion. Copper production improved on a like-for-like basis, while ferrochrome output climbed as South African smelters restarted.
Glencore returned to reported profit in 2025 and lifted shareholder distributions, while a stronger second half and expanding copper pipeline helped offset weaker coal markets. The mining giant is targeting more than 1 million tonnes of annualised copper production by 2028, but the strategy remains exposed to execution, commodity prices and transition risks.