Glencore PLC (LSE:GLEN)<\/a>to its European Focus List and raised its target price to 770p, citing a bullish outlook for both coking and thermal coal underpinned by six distinct and uncorrelated demand and supply drivers.<\/p>\nThe broker said Glencore, the world’s largest seaborne thermal and coking coal producer, is positioned to benefit from safety-related mine closures in China and substitution of Iranian steel output driving coking coal demand, alongside the end of an Indian destocking cycle.<\/p>\n
On the thermal coal side, Citi identified a catch-up to gas price moves, the lagged impact of a super El Ni\u00f1o weather event on energy demand, and Indonesian supply restrictions as additional tailwinds.<\/p>\n
Citi argued that the uncorrelated nature of these six factors makes the risk\/reward profile of coal prices the most asymmetric of any major mined commodity at current spot prices.<\/p>\n
The broker’s financial year 2026 earnings before interest, tax, depreciation and amortisation estimate sits 12% above consensus, widening to 22% above for 2027, with almost the entire divergence attributable to its more optimistic coal assumptions.<\/p>\n
Glencore is rated ‘buy’. The shares traded sideways at 605p.<\/p>\n","protected":false},"excerpt":{"rendered":"Citi turns bullish on Glencore with six uncorrelated drivers pointing to coal price upside Proactive uses images sourced…\n","protected":false},"author":2,"featured_media":77577,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[123],"tags":[40382,5070,40380,132,40381],"class_list":["post-77576","post","type-post","status-publish","format-standard","has-post-thumbnail","category-glencore","tag-bullish-outlook","tag-citi","tag-coking-coal","tag-glencore","tag-thermal-coal"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116692062556815669","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/77576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=77576"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/77576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/77577"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=77576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=77576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=77576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Citi](\"https:\/\/www.europesays.com\/ch\/wp-content\/uploads\/2026\/06\/e23b7be835b3d7f061a32e263e03d9e9.jpeg\")
Citi turns bullish on Glencore with six uncorrelated drivers pointing to coal price upside Proactive uses images sourced from Shutterstock <\/p>\n