Glencore earns UBS Buy rating as copper growth strengthens outlook

Mining Written by: Jonathan Jackson 20:51 Thu 15 Oct 2026 --> Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Jonathan Jackson Jonathan Jackson is an experienced writer and editor. Over the past 20 years, he has worked in print and digital media across several business and finance titles amd is currently the Australian news editor at Proactive Investors covering the latest news for ASX listed companies as well as current financial trends. He was previously managing editor with Business First magazine, Wealth Creator Magazine and StocksDigital. Jonathan has interviewed some of the world's top CEOs and covered... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Glencore PLC ( LSE:GLEN ASX:GLC ) View Price & Profile Glencore earns UBS Buy rating as copper growth strengthens outlook Published: 20:51 15 Oct 2026 EDT UBS has initiated coverage of Glencore PLC (LSE:GLEN, ASX:GLC) 's new Australian listing with a Buy rating and an A$13.40 price target, implying about 19% upside from its last traded price of A$11.23. Analyst Lachlan Shaw sees an attractive risk-reward balance, supported by strong trading performance, better-than-expected commodity prices and a copper project pipeline expected to become less risky over the next one to two years. Progress on asset sales and the prospect of larger cash returns to shareholders from 2027 also underpin the broker’s outlook. Copper set to drive earnings growth UBS expects copper’s contribution to group earnings to rise from about 32% next year to more than half by 2030 as projects in Africa and Peru ramp up. The broker also describes Glencore’s trading division as a “structural earnings engine”, with its high-volume, low-margin model drawing on logistics, price differences between markets and support from the company’s own mines. Valuation offers appeal UBS considers Glencore’s shares cheaper than those of rivals BHP and Rio Tinto. Commodity price movements, project approvals and potential trading mishaps remain risks, although the broker believes Glencore has made provisions for these. Continue reading