{"id":96106,"date":"2026-07-02T15:28:37","date_gmt":"2026-07-02T15:28:37","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/96106\/"},"modified":"2026-07-02T15:28:37","modified_gmt":"2026-07-02T15:28:37","slug":"glencore-blessed-by-a-lack-of-iron-bullish-broker-eyes-copper-and-coal-value","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/96106\/","title":{"rendered":"Glencore blessed by a lack of iron, bullish broker eyes copper and coal value"},"content":{"rendered":"<p>    <a href=\"https:\/\/s.yimg.com\/lo\/mysterio\/api\/FBE67F7C0EC357D39C08A6F830F085D4C5AE79B8523B062A129548A475D4CEB1\/subgraphmysterio\/resizefit_w960;quality_80;format_webp\/https:%2F%2Fmedia.zenfs.com%2Fen%2Fproactive_uk_164%2Fd300e1ffe68464c49bd43f923f6abf12\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" alt=\"Glencore blessed by a lack of iron, bullish broker eyes copper and coal value\" height=\"540\" width=\"960\" class=\"yf-lglytj loader\"\/><\/a> Glencore blessed by a lack of iron, bullish broker eyes copper and coal value Proactive uses images sourced from Shutterstock           <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">RBC Capital Markets has repeated an\u00a0Outperform rating on <a href=\"https:\/\/finance.yahoo.com\/quote\/GLEN.l\" data-ylk=\"slk:Glencore%20PLC%20(LSE%3AGLEN);elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;Glencore PLC (LSE:GLEN)&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"nofollow noopener\">Glencore PLC (LSE:GLEN)<\/a>, pitching a 600p price target, as the Canadian bank continues to favour the miner over more diversified peers.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">The broker&#8217;s target implies around 23% upside from the current market price of around 513.8p,  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">Glencore&#8217;s appeal, according to RBC, is its lack of iron ore exposure, along with its coal earnings leverage and potential restructuring options, including a coal spin-out or copper project stake sales.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">RBC left its 2026-28 EBITDA and EPS forecasts broadly unchanged after updating for first-half thermal coal prices. It expects H1 EBITDA of US$9.8bn and EPS of US$0.23, slightly below consensus, but sees marketing as the standout, forecasting US$2.4bn of H1 marketing EBIT versus consensus of US$2.2bn.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">Production estimates include Q2 copper output of 205kt, steelmaking coal at 8.3mt, energy coal at 23.5mt and zinc at 182kt.  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\">RBC also expects US$1.4bn of additional H1 capital returns beyond the base dividend, supported by an assumed US$1bn Bunge stock sale, split between dividend and buyback.  <\/p>\n","protected":false},"excerpt":{"rendered":"Glencore blessed by a lack of iron, bullish broker eyes copper and coal value Proactive uses images sourced&hellip;\n","protected":false},"author":2,"featured_media":96107,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[123],"tags":[2701,132,48036,18137],"class_list":["post-96106","post","type-post","status-publish","format-standard","has-post-thumbnail","category-glencore","tag-copper","tag-glencore","tag-lack-of-iron","tag-rbc-capital-markets"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116851094584273500","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/96106","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=96106"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/96106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/96107"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=96106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=96106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=96106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}