Glencore PLC Analysis and Market Outlook: Copper, Merger, and Technical Trends

Source: Dukascopy Bank SA
Glencore is in early talks to merge with Rio Tinto in a deal that could create the world's largest copper producer. The companies are negotiating over Glencore's coal business, which conflicts with Rio Tinto's ESG rules, and a decision is expected by February 5, 2026. Glencore is also managing operational challenges, including lower copper and zinc production, while aiming for $1 billion in cost savings. Its trading division remains strong. Looking ahead, Glencore plans to grow copper production to 1 million tonnes by 2028 and 1.6 million tonnes by 2035. Investors are split, excited about copper growth but cautious about regulatory and cultural hurdles.



Glencore is currently in a vertical accumulation phase, marked by an 11.37% gain over a brief four-day period. This surge has successfully breached the 461.63 resistance level, which had previously capped upward movement. The technical outlook remains strongly bullish as the price maintains its trajectory well above a consistent ascending trendline that has guided the stock's recovery since late November.

Immediate technical resistance is now identified at 474.05, with the psychological target of 500.00 serving as the next major objective if the rally continues. On the downside, the previous resistance level at 457.80 has transitioned into immediate support, while a deeper floor is established at the critical trend support of 414.49.
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