RBC Expects Glencore to Hit Bottom End of FY26 Copper Production Outlook; Estimates Revised

03:37 AM EDT, 10/22/2026 (MT Newswires) -- RBC Capital Markets expects Glencore (GLEN.L, GLN.JO) to land at the bottom end of its full-year 2026 copper production guidance, while updating its production estimates after pre-reported figures from Anglo American (AAL.L, AGL.JO) and BHP Group (BHP.L, BHG.JO). "We update our forecasts for pre-reported Q3 volumes at Collahuasi (AAL Q3/26 production) and Antamina (BHP Q1FY27 production), which takes our Q3 copper production estimate to 221Kt, 5% vs consensus (210kt), and our Q3 zinc production estimate to 179Kt, 3% vs consensus (174kt). Similar to other producers, we forecast GLEN to achieve the bottom end of their FY26 copper production guidance of 850-875Kt (RBCe and cons of 852Kt)," RBC said in a Wednesday note ahead of Glencore's third-quarter production results on Oct. 29. RBC also lowered its price target to 6.50 pounds sterling from 6.60 pounds, reflecting softer production expectations in the third quarter and higher working capital requirements across marketing and industrial operations. The outperform rating on the stock was retained. "Focus of remainder of year is on meeting the previously revised copper guidance as well as an update on the FID for Corrocohuayco, which is currently excluded from RBC estimates and could support Antapaccay LOM post-2029," the note said.