Glencore raises outlook as RBC keeps GBp 660.00 target for Glencore stock

Published on 10/02/2026 at 18:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The long-term earnings range widens to USD 2.80-4.20 billion from USD 2.30-3.50 billion. For Glencore stock this means an ASX debut on October 14, 2026.

Luftaufnahme eines großen Kupfertagebaus mit Baggern und Lastwagen in der Abendsonne — Glencore plc (ISIN JE00B4T3BW64) betreibt riesige Kupfertagebauten mit schweren Muldenkippern in staubiger Bergbaulandschaft, Illustration mit AI erstellt.

Glencore (ISIN JE00B2QKY057) lifted its full-year 2026 marketing adjusted earnings before interest and tax outlook above USD 5.00 billion on October 2, 2026. On September 29, RBC maintained an Outperform rating and a GBp 660.00 target for Glencore stock, according to Yahoo Finance.

Marketing guidance moves higher

According to Glencore on October 2, 2026, marketing adjusted EBIT is expected to exceed USD 5.00 billion in fiscal 2026. The company had previously outlined a mathematical full-year outcome of USD 4.90 billion alongside its first-half 2026 results, making the new threshold at least USD 0.10 billion higher than that reference.

The company linked the stronger outlook to reshaped crude oil, refined products, gas and freight markets. Its updated long-term marketing adjusted EBIT framework now spans USD 2.80 billion to USD 4.20 billion, compared with the previous USD 2.30 billion to USD 3.50 billion range.

Inventory supports the new framework

Glencore based the updated framework on readily marketable inventories of USD 32.20 billion at June 30, 2026, and current marketing funding costs of 5.00 percent. For comparison, inventories stood at USD 25.40 billion on June 30, 2025, a 21.00 percent lower level that mapped to a USD 3.20 billion midpoint under the updated methodology.

That comparison matters because the marketing division earns from commodity flows, financing and logistics as well as physical production. The higher inventory base and revised funding-cost relationship raise the long-term midpoint to USD 3.50 billion, from USD 3.20 billion under the comparable 2025 reference.

ASX debut set for October 14

Glencore also confirmed that its Australian Securities Exchange secondary listing is expected to begin on October 14, 2026. The company's CHESS Depositary Interests will represent beneficial interests in one Glencore ordinary share, according to Glencore.

RBC said the listing could broaden the shareholder base and improve trading liquidity, while also creating greater financial flexibility. Its GBp 660.00 target compares with the LSE quote of GBp 561.40 used in the October 2, 2026 market snapshot.

Glencore stock stays below its yearly high

Glencore stock was last at GBp 561.40 on the LSE on October 2, 2026 at 4:35 p.m. BST, up 2.95 percent from the prior close of GBp 545.30. The 52-week range was GBp 332.20 to GBp 707.20, while market capitalization stood at GBP 65.7 billion on October 2, 2026.