Glencore Stock Commentary: Global Optimism Lifts Mining Stocks

3 months ago

Steven Carroll

"Yeah, so Glen Core and other big mining companies were up this morning after copper advanced towards an all-time high. Uh which was because of that hope that the US and China are making good progress on a deal. So, uh, US and Chinese trade negotiators wrapped up the talks on Sunday that appears to be teeing up a deal for Trump and Xi Jinping to be finalizing later this week with the threat of 100% tariffs from Trump definitely off the table. Um, copper's actually been pretty strong throughout this year, but that has been mostly due to a series of mine disruptions in countries that produce a lot of copper and also the decline of the dollar, which made commodities priced in dollars much more attractive. But this particular rise that we saw today rests really on this broader optimism that global economic growth will be stronger if China and the US find this common ground. So that is really driving those mining stocks higher this morning."

The commentary highlights Glencore and similar mining stocks benefiting from strong copper prices driven by improved US-China trade negotiations, mine disruptions, and a weaker dollar, all feeding into a broader global economic optimism.

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