GLENCORE PLC Stock Forum

Bank of America's commodities team forecasts a strong copper market due to high demand from energy transitions and limited supply. They have also grown significantly optimistic about gold, expecting its price to be propelled by central banks, Chinese investors, Western macroeconomic influences, and the anticipated conclusion of interest rate increases. They predict gold could reach $3,000 per ounce by the end of 2025, ...

Glencore's CEO blames the fall in commodity prices on rising interest rates and a normalizing energy market. The firm expects a robust recovery in 2024 due to interest rate reductions and an economic upturn.

RBC believes the market underestimates Glencore's cash-generation potential. Despite coal price retraction, factors like higher copper cash generation, new coal unit, and cash generative marketing business are expected to offset coal weakness.

The latest research report from Goldman Sachs shows that the copper market is expected to experience its highest level of tightness since 2021, facing a projected deficit of 428kt in 2024, with merely 260kt of currently visible stock.
Over the past three months, the market has been impacted by a supply shock due to a succession of downgrades in mine production. Panama's decision to of...

Analysts opine Glencore's spin off of coal assets would reduce uncertainty and promote its metals expansion. Market conditions might influence the listed value of the spun-off business. Glencore dominates with 5% of global copper and 20% of cobalt supply.

Scotiabank's Orest Wowkodaw expressed positivity on the deal, stating it achieves full business separation at fair value, removing a significant overhang due to future coal business uncertainty.

This move reflects Glencore's strategy to isolate its more pollutant-heavy operations, aligning with ESG investors' preferences and its own emission reduction goals.

Glencore foresees a 9% dip in Nickel production citing an overlong recuperation from the Raglan strike and other issues. While Ferrochrome is down 8%, chrome ore is set to be slightly below 2022 levels.