Berenberg Ups Glencore Price Target on Revised Commodity Price Deck

08:45 AM EDT, 09/30/2026 (MT Newswires) -- Berenberg bumped up its price target for Glencore (GLEN.L, GLN.JO) to 7.80 pounds sterling from 7.40 pounds, as analysts updated their commodity price deck while continuing to take a "constructive" view on the long-term outlook for the mining industry. For the third quarter, analysts expect the mining giant to see a sequential increase in copper volumes when it releases its latest quarterly production report on Oct. 29, according to a Metals & Mining report published Wednesday. "We continue to expect the company's commentary around the Marketing business to be constructive, having delivered stellar EBIT in H1 amid commodity market volatility. We would also expect an update from the company on the Radiant World situation, although the company has already stated that the financial claims made by Radiant World and Sapphire Minmetals are 'meritless' and its exposure to Radiant World and associated companies is not material to its financial position," the research firm wrote. "For the diversifieds, Glencore remains our favoured pick, with attractive exposure to elevated thermal coal prices and volatile commodity markets acting as a tailwind to near-term earnings, while in the long term, its copper growth strategy is compelling, with the stock trading on 1.07x NAV and 3.8x 2027E EBITDA." Berenberg also noted the company's upcoming trading debut on the Australian Securities Exchange for its secondary listing, with its CHESS Depositary Interests expected to begin trading Oct. 14. The buy recommendation on the stock remains unchanged.