Glencore PLC

GLEN: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 792.00	Czsxl	Zjmkvxyy

Commodity Price Update Q2 2024: Gold and Thermal Coal Companies Remain Among the Cheapest

Jon Mills

Apr 4, 2024

Iron ore prices are lower on concerns over China steel demand due to its struggling property market and weak infrastructure spending. However, gold prices are up on optimism over peak interest rates, driving a 2% rise in our estimate for no-moat Newmont, to USD 51. It remains the cheapest miner we cover, trading 27% below fair value.

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