Glencore’s trading operation is set to report more adjusted operating profit for the first six months of 2026 than it generated during all of 2025. The firm expects approximately $3.3 billion in first-half marketing adjusted EBIT, according to the company’s July 29 production report. That is about 136% higher than the $1.4 billion reported for the same period in 2025.
The six-month result is also 14% higher than the $2.9 billion produced during all of 2025. It has already reached 94% of the upper end of Glencore’s annual through-cycle marketing guidance range of $2.3 billion to $3.5 billion.
A simple annualization would put 2026 marketing EBIT at $6.6 billion, narrowly exceeding the company’s $6.4 billion record from 2022.
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The first-half result also remains below the $3.7 billion earned by the marketing division in H1 2022, when Russia’s invasion of Ukraine disrupted oil, gas, coal, freight, and refined-product markets. The division subsequently finished that year with record adjusted EBIT of $6.4 billion.
Glencore did not disclose how much of the latest trading profit came from energy, metals, or coal. A complete divisional breakdown is expected alongside its half-year financial results on August 5.
The performance marks a sharp reversal from 2025, when Glencore’s energy and steelmaking-coal trading operation was pressured by generally well-supplied markets. Its metals marketing business performed better, benefiting from regional pricing gaps and disruptions in physical copper trade.
The trading result overshadowed an uneven six months across Glencore’s industrial assets. Own-sourced copper production increased 15% year over year to 397,000 metric tons, supported by improved grades and mining rates at its African operations and higher grades at Antamina in Peru.
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Other commodities moved in the opposite direction. Cobalt production fell 46% to 10,200 tons, zinc dropped 21% to 365,600 tons, gold declined 44% to 168,000 ounces, and steelmaking-coal production decreased 14% to 13.5 million tons. Energy-coal production was down 2%, while nickel output fell 2%.
Glencore attributed the cobalt decline primarily to the Democratic Republic of Congo’s export-quota system. The company has prioritized copper production and is holding some cobalt contained in mixed ore in solution for later processing and sale.
Zinc production was affected by the end of the Lady Loretta mine’s operating life, lower zinc grades at Antamina, and the June 1 sale of the Kidd mine in Canada.
Glencore maintained its annual copper guidance at 810,000 to 870,000 tons, despite removing approximately 11,000 tons of expected Kidd production following the sale. Zinc guidance remained at 700,000 to 740,000 tons, while nickel guidance was unchanged at 70,000 to 80,000 tons.
The company lowered steelmaking-coal guidance to 30 million to 32 million tons from 30 million to 34 million tons. It increased energy-coal guidance to 96 million to 101 million tons from 95 million to 100 million tons.
Glencore shares rose approximately 4% in London trading following the update.
Information for this briefing was found via the sources and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
