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Glencore PLC (LSE:GLEN) is now rapidly approaching a critical market juncture, as Citi flags a potential coal price rally that appears set to outpace increasingly cautious consensus earnings estimates across the City. The shares traded at 601.20p, up 1% during Thursday's intraday session, as the influential broker detailed why the long-anticipated global commodities resurgence has been delayed.

Cobalt spot prices were flat the past month. Cobalt market news - DRC may reduce cobalt quota if market needs rebalancing. IEA: Cobalt market faces deficit from 2026 as DRC export curbs tighten supply. Cobalt company news - CMOC'S profit jumps 86% in H1, revenue up 43%. Glencore H1 2026 Group Adjusted EBITDA increased 86% to $10.1B.

Mining bosses say that regulatory scrutiny of major mergers is increasing as governments pay closer attention to critical minerals and security of supply ​in the face of a volatile geopolitical backdrop, but they do not see the shift as a fundamental barrier ‌to dealmaking.

Citi has raised its price target for Glencore PLC (LSE:GLEN) to 780p, naming the commodities group its top large-cap pick as another standout performance from its marketing arm strengthens the investment case. Attention is now shifting towards growth, Citi highlighted in a note, with Glencore increasing capital expenditure behind a copper strategy targeting a doubling of production over the next decade, which Citi described as a compelling growth narrative.

Panumre Liberum argue that copper offers gold's inflation protection, plus an industrial-backed demand growth story, as well as a relative immunity to movements in interest rates.

Glencore's exposure to Radiant World, a company with which the ‌London-listed miner and trader has stopped doing new business, amounts to more than half a billion dollars, two sources familiar with the matter told Reuters.

Glencore's planned secondary listing in Australia signals a push to tap one of the world's fastest-growing pools of institutional capital to fund its copper growth ambitions and potentially pave the way for transformational M&A.