Key Takeaways:
- Copper production rose 15% to 397,000 metric tons in H1 2026
- Marketing division EBIT of $3.3 billion already exceeds full-year guidance
- Cobalt output fell 46% as DRC export quotas continued to restrict shipments
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Glencore copper output rises 15% as marketing EBIT hits $3.3 billion
Glencore's copper output rose 15% in the first half, while its trading division is on track to generate $3.3 billion in adjusted EBIT, far exceeding the top end of its full-year guidance range.
The marketing result is well above the company's annual guidance of $2.3 billion to $3.5 billion, Glencore said in a statement Wednesday. The unit booked $1.4 billion in the same period last year when tariff uncertainty and Middle East tensions weighed on the macroeconomic environment.
Copper production reached 397,000 metric tons in the six months through June, up from 343,900 tons a year earlier, driven by higher grades at its African operations and the Antamina mine in Peru. The company kept its full-year copper guidance unchanged at 810,000 to 870,000 tons. Zinc output fell 21%, while the midpoints of energy coal and steelmaking coal guidance were shifted up by 1 million tons and down by 1 million tons, respectively.
Glencore has made copper central to its growth strategy and is investing heavily to become one of the world's largest miners of the metal. The company will report its full first-half results on Aug. 5, as a six-month pause that prevented merger discussions with Rio Tinto is set to expire.
Cobalt Output Slumps on DRC Quotas
Cobalt production dropped 46% to 10,200 tonnes in the first half as export quotas continued to limit shipments from the Democratic Republic of Congo. Glencore said it prioritized copper production and deferred some cobalt for processing and sale once export restrictions ease. The DRC suspended cobalt exports in 2025 to support prices after they fell to a nine-year low, later replacing the ban with an export quota in October.
Marketing Division Powers Through Volatility
Glencore's traders source commodities and sell them to customers globally, also buying from third parties to sell at higher prices. The division benefits from price differences across locations — known as arbitrage — which is central to how traders generate returns. The $3.3 billion first-half result already exceeds the top end of the annual guidance range, underscoring the strength of the current trading environment.
This article is for informational purposes only and does not constitute investment advice.
[1] Glencore’s Traders to Report Bumper First-Half - WSJ[2] Glencore’s Traders to Report Bumper First-Half[3] Glencore's copper output up 15% in H1, sees strong $3.3 bln marketing EBIT[4] Glencore's copper production up 15% and sees $3.3 billion in marketing EBIT[5] Commodities buzz: Glencore copper output up 15% on year in first half of 2026, zinc production slides 21%
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