RBC trims Glencore copper view, citing 221 kilotons for Glencore stock

Published on 10/22/2026 at 13:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

RBC sees 221 kilotons in the third quarter. Glencore stock costs EUR 6.43 on October 22, 2026, with 850-875 kilotons guided.

Copper outlook and analyst targets

RBC projected 221 kilotons of copper production for the third quarter on October 22, 2026.
Glencore's full-year copper guidance stands at 850-875 kilotons for 2026.
Glencore stock trades at EUR 6.43 at 1:32 p.m. CEST at Lang & Schwarz on October 22, 2026.
JPMorgan set a GBp 730 target on October 14, 2026.

Schwarzweiß-Reportagebild von zwei Arbeitern vor Kohlehalden und Förderbandanlage — Dokumentarische Aufnahme zeigt Bergleute an einer Kohlehalde, typisch für Glencore plc, ISIN JE00B4T3BW64, Illustration mit AI erstellt.

Glencore (ISIN JE00B4T3BW64) was priced at EUR 6.43 at Lang & Schwarz on October 22, 2026 at 1:32 p.m. CEST. Finimize reported that RBC Capital Markets expects Glencore to produce 221 kilotons of copper in the third quarter and finish 2026 near the low end of its 850-875 kiloton full-year guidance.

What does 221 kilotons mean?

The quarterly estimate is above the 210 kilotons analysts were modeling, according to Finimize. The same report said RBC trimmed its price target ahead of Glencore's third-quarter update, scheduled for October 29, 2026.

That combination gives the stock a mixed operating signal: quarterly output is higher than the modeled 210 kilotons, while the annual target points toward the lower end of management's range. For investors, the October 29 update is the next test of whether production can offset pressure in the broader copper portfolio.

Three dated Glencore events

On October 14, 2026, MarketScreener reported that JPMorgan raised its Glencore rating to Overweight and lifted its target to GBp 730 from GBp 510. On October 15, 2026, Investing.com listed UBS coverage with an AUD 13.40 target. On October 22, 2026, Finimize carried RBC's 221 kiloton quarterly estimate and lower-end annual production view.

Which dates matter next?

Glencore's next scheduled company update is the third-quarter report on October 29, 2026, according to Finimize. TradingView lists February 24, 2027 as the next earnings report date after that update.

Stock price and listing

Glencore is listed on the London Stock Exchange under GLEN.L, with the primary quotation in GBp. Its reported 52-week range was GBp 332.20 to GBp 707.20, while the October 22, 2026 quote was GBp 538.20 at 11:34 a.m. UTC.

At Lang & Schwarz, Glencore stock was trading at EUR 6.43 on October 22, 2026 at 1:32 p.m. CEST. The next operating marker is the October 29 production update, where the 850-875 kiloton annual range will be tested against the 221 kiloton quarterly estimate. The further course of trading is shown by the continuously updated real-time quote of Glencore stock.