Glencore Share Discussion Threads

[sundial1] 15/4/2024 10:48

news tomorrow from china.this week affecting the market is news from home

[sundial1] 15/4/2024 10:26

Got expect some pull back,before advancing how it's been rising

[84stewart] 15/4/2024 10:16

The markets have not reacted too much over the week-end event possibility USA telling Israel your on your own quite rightly imho.

[gxgxx] 15/4/2024 05:23

Back through the £5 barrier today....

[gxgxx] 13/4/2024 05:28

Article from Internet

Glencore share price is nearing a golden cross formation
Glencore’s stock has jumped sharply in the past few weeks.
The price of copper has soared to its highest level since 2022.
There are signs that a new supercycle is happening in the commodities market.
Glencore (LON: GLEN) share price continued its strong recovery this week as investors focused on the commodity sector. The stock surged to a high of 477.60p, its highest point since January 2nd. It has risen by more than 30% from its lowest point in 2024.
Copper price is soaring

Mining companies are doing well, helped by the ongoing recovery of commodity prices around the world. As I wrote on Wednesday, Antofagasta has become the best-performing company in the FTSE 100 index this year.

Glencore’s stock is surging because of the ongoing revival of the copper market. Data shows that the price of copper rose to its highest point since June 2022. It has risen by over 24% from its lowest point in 2023 and is a sign that the global economy is bouncing back.

Copper is an important metal in Glencore’s business. It produced over 1 million tons of copper in 2023, generating billions of dollars in revenues and profits. In all, its metals and minerals business had over $35 billion in revenues and an adjusted EBITDA of $5.4 billion.

Glencore is also benefiting from the resurgence coal business. Data shows that the price of coal has jumped to $121, much higher than the year-to-date low of $94. This is notable because Glencore is one of the biggest coal companies in the world.

Coal demand will continue rising even as countries invest more money on renewable energy projects like wind and solar. The main threat for coal is natural gas, which is one of the most popular energy source in some countries.

Glencore is in the process of transitioning from the coal business, a strategy I believe is wrong. It is doing that by spinning off its coal business and combining it with that of Teck Resources.

Meanwhile, Glencore is set to benefit from its marketing operations since it one of the biggest commodity traders in the world. It moves millions of barrels of oil every day, which helped it make over $186 billion in revenues in 2023.

Glencore and other trading companies like Vitol, Trafigura, and Mercuria have been swimming in cash in the past few years. According to FT, trading profits jumped to over $104 billion in 2023.

Therefore, as we saw with General Electric, there is a possibility that Glencore’s stock will do well ahead of its spin-off. GE shares jumped sharply ahead of its energy business spin-off this year.
The daily chart shows that the Glencore stock price has been in a strong bullish trend in the past few weeks. It has moved back to the rising wedge pattern that formed in 2023.

The stock is now about to form a golden cross pattern, which happens when the 200-day and 50-day Exponential Moving Averages (EMA) cross each other.

Also, the Relative Strength Index (RSI) shows that there is a bullish momentum going on. Therefore, the outlook for the stock is bullish, with the initial target being at 500p.

[uncertain times] 12/4/2024 22:02

I have high regard for Ben Bernanke but should the Bank of England be persuaded to follow his financial advice? I rather hope not and would prefer that Andrew Bailey says 'thank you but no thank you'. Time will tell.

[chaders2] 12/4/2024 16:05

i hit break even today but after waiting this long i will hang on for the divi now

[madmaccer] 12/4/2024 12:44

Fiver

But yeah great to see it rally so well in last 6 weeks or so.

[action] 12/4/2024 12:33

My cost is 510p. So waiting.

[twixy] 12/4/2024 12:33

Same here - out this morning @477

[kktj] 12/4/2024 12:12

Took a while, but that gap (at 482) from 25.07 finally got filled today. Amazing strength in the share price since end of Feb - haven't seen that for a while. I sold my trading pot today (still keep the core holding) - will wait and see if it drops at some point before trading again.

[action] 12/4/2024 11:21

True when copper is in short supply and commodity super cycle is under way looking at other commodity boom today

[tuftymatt] 12/4/2024 11:20

I agree, keep the faith here for a push to 500+
That said it has been a pain trade, in terms of share price growth not the previous divi's, so each to their own as thats what makes a market.

Good luck all 👍🏻

[sundial1] 12/4/2024 11:16

i would not sell

[demicauk] 12/4/2024 11:08

Yes it should be closer to the 650 level it is stunningly undervalued in my view......and has been for some while....

Russ....

[action] 12/4/2024 11:03

It is surprising to see GLEN below 500p

[mhrangoon] 12/4/2024 09:45

After veey very long time i just broke even and sold all. Will enter again later

[tuftymatt] 12/4/2024 08:50

A sniff around the 480 level I see!!

Good luck all 👍🏻

[sundial1] 10/4/2024 17:30

Thursday another indicator again after 1-pm

[sundial1] 10/4/2024 17:25

one thing tufty . the country is still over heated.at least still demand on commodities in another way of inflation

[tuftymatt] 10/4/2024 13:21

US CPI gives the markets a kicking today.

I think once it gets digested there will be a recovery as we saw before.

Good luck all 👍🏻

[spawny100] 10/4/2024 10:25

Sub £4 on last subdued news was clearly a time to buy not sell like me. Doh!

[kktj] 10/4/2024 07:23

The share price needs to finish above 475 and hold as 475 has been the resistance for around a year. Next resistance after that will be 500.