{"id":92673,"date":"2026-06-26T13:23:11","date_gmt":"2026-06-26T13:23:11","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/92673\/"},"modified":"2026-06-26T13:23:11","modified_gmt":"2026-06-26T13:23:11","slug":"glencores-coal-exposure-could-become-a-tailwind-again-says-citi","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/92673\/","title":{"rendered":"Glencore’s coal exposure could become a tailwind again, says Citi"},"content":{"rendered":"

\"Glencore's<\/a> Glencore’s coal exposure could become a tailwind again, says Citi Proactive uses images sourced from Shutterstock <\/p>\n

Glencore PLC (LSE:GLEN)<\/a>recent share price weakness may be overlooking a familiar source of earnings upside: coal. <\/p>\n

Shares in the mining and commodities trading group have fallen about 10% so far this month even though prices across its commodity basket have risen around 4%, according to Citi, which argues that investors are underestimating the potential for another rally in coal prices. <\/p>\n

The broker said concerns over falling gas prices and reports that China could restart some suspended coal mines have distracted the market from a tightening global supply picture. <\/p>\n

Instead, Citi pointed to what it called “structurally lower” thermal coal exports from Indonesia, dwindling coal inventories at Indian independent power producers and the possibility that El Ni\u00f1o-related weather disruption could extend into 2027. <\/p>\n

The bank also highlighted the potential impact of lower Iranian steel production on coking coal markets, although it believes the implications for thermal coal are being largely ignored. <\/p>\n

The note’s title, “’22 redux for coal”, is a reference to the sharp rally in coal prices following Russia’s invasion of Ukraine in 2022, when supply disruptions sent energy markets soaring and turned Glencore’s coal division into a cash machine. <\/p>\n

If thermal coal prices move higher again, Citi believes Glencore’s earnings leverage to the commodity remains underappreciated by investors. <\/p>\n","protected":false},"excerpt":{"rendered":"Glencore’s coal exposure could become a tailwind again, says Citi Proactive uses images sourced from Shutterstock Glencore PLC…\n","protected":false},"author":2,"featured_media":92674,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[123],"tags":[5070,46469,46471,46470,8931,132,40381],"class_list":["post-92673","post","type-post","status-publish","format-standard","has-post-thumbnail","category-glencore","tag-citi","tag-citi-proactive","tag-coal-division","tag-coal-mines","tag-coal-prices","tag-glencore","tag-thermal-coal"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116816629101060651","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/92673","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=92673"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/92673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/92674"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=92673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=92673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=92673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}