Glencore shares closed at 478.10 pence in London on Friday, marking a gain of 2.85 pence. Meanwhile, the stock traded at 104.61 rand in Johannesburg early Monday, reflecting a slight decline. The mining giant's performance remains closely tied to commodity price movements, particularly copper.
Gold prices rose 1.3% to $5,025.97 per ounce, while silver surged 4.7%. Analysts attributed the precious metals' strength to a weaker U.S. dollar and bargain-hunting ahead of key economic data releases. Copper on the London Metal Exchange advanced 0.40% to $13,046.50 per metric ton, with Shanghai copper rebounding 1.78% after a significant drop the previous week.
Traders are monitoring swelling stockpiles and potential demand weakness as China approaches its Lunar New Year holiday beginning February 15. Market participants are also focused on upcoming U.S. jobs and inflation figures this week, which could influence currency and commodity trends.
Glencore is scheduled to report its full-year financial results on February 18 at 7:00 a.m. UK time, followed by a webcast at 8:30 a.m. The mining sector will also see attention shift to the Cape Town mining conference running February 9-12.
Elsewhere in the industry, BHP's Vicuña joint venture plans approximately $800 million in copper project investments in Argentina this year. The broader mining sector faces risks from potential dollar recovery or commodity momentum shifts, which could quickly reverse recent gains.
Market observers will watch whether the weaker dollar trend persists after U.S. data releases and if metals can extend their recovery following last week's volatility. Glencore's upcoming earnings report represents a key event for London-listed mining shares.
