Raising Glencore's FVE by 6%; We Lift Our Assumed Midycycle Thermal and Metallurgical Coal Prices

Glencore ranks among the most diversified of the large global miners. Though as China is the key demand driver for much of what Glencore mines, diversification benefits are limited. However, its marketing business (roughly 30% of forecast midcycle group EBITDA from 2030) should be relatively resilient to changes in China’s rate of economic growth.