Glencore PLC

GLEN: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Glencore Earnings: Very Strong Due to Higher Copper Prices and Iran War Disruptions

Jon Mills

Aug 6, 2026

Stronger commodity prices, led by copper, along with increased volatility and dislocations due to the Iran war, drove a very strong first half for Glencore but the war also increased energy and sulphur costs. Adjusted NPAT of USD 3.7 billion, or USD 31 cps, contrasts with USD 550 million a year ago.

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Glencore PLC

Glencore Earnings: Very Strong Due to Higher Copper Prices and Iran War Disruptions

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