LONDON, May 26 (Reuters Breakingviews) – Glencore’s 23% share-price jump since merger talks collapsed in February makes it harder ​to buy. But the rally ​gives Rio Tinto cover to offer ⁠a modest premium, while Iran-driven ​gains make coal less of a ​drag. More importantly, Rio could still use the miner-trader’s copper.

Editing by Neil Unmack; Production by Shrabani Chakraborty

Yawen Chen

Yawen focuses on European energy and luxury companies, commodity markets, and real estate as a columnist for Reuters Breakingviews in London. Previously, she was a columnist with Breakingviews in Hong Kong, covering a broad spectrum of topics concerning the Chinese economy, financial markets, and regional companies. She initially joined Reuters News as an economics correspondent in 2016. She earned the title of Reuters’ Journalist of the Year in 2023 in the commentary category.