# Glencore business performance and ASX listing

> Live situation record from CLSTR: https://clstr.news/situations/glencore-business-and-financial-performance
> Updated: 2026-10-14T00:27:42.000Z. Sources: 14. Developments: 3.

Glencore PLC has seen positive momentum driven by its trading and commodity operations. UBS upgraded the company from ‘neutral’ to ‘buy’, citing strong performance in its trading arm, which recorded a second-best ever first-half operating profit of US$3.3 billion. This optimism is supported by a roughly 30% rise in key commodity prices for zinc, steelmaking coal, and thermal coal this year, alongside potential asset sales exceeding US$10 billion.

Building on this performance, Glencore raised its earnings forecast for its marketing and trading business, citing an increase in short-term saleable inventories as a primary driver. The company now expects an adjusted EBIT of over $5 billion for the trading segment this year, up from previous guidance of approximately $4.9 billion. It also adjusted its long-term outlook upward, projecting a long-term adjusted marketing EBIT between $2.8 billion and $4.2 billion.

On October 14, Glencore officially commenced dual listing on the Australian Securities Exchange (ASX) under the ticker code GLC. Utilizing CHESS Deposit Interest (CDIs) to provide a one-for-one holding relative to London Stock Exchange ordinary shares, the company aims to attract approximately $5 billion in new capital over the coming year. Chief Executive Gary Nagle stated the move was driven by investor inquiries from those whose mandates previously restricted investments in London-listed securities, seeking to close the valuation gap between Glencore and Australian rivals such as BHP.

## Timeline

### 2026-10-14: Glencore begins dual listing on the Australian Securities Exchange

Glencore has officially debuted on the ASX via dual listing, aiming to attract $5 billion in new capital and improve access for Australian institutional investors.

6 sources. https://clstr.news/cluster/glencore-begins-dual-listing-on-the-australian-securities-exchange

### 2026-09-30: Glencore raises trading profit forecast and plans ASX listing

Glencore has raised its annual trading business EBIT forecast to over $5 billion and announced a secondary listing on the ASX starting October 14.

6 sources. https://clstr.news/cluster/kontron-strengthens-finances-with-126-million-euro-congatec-payment

### 2026-09-27: Glencore upgraded to ‘buy’ by UBS amid strong trading and commodity growth

UBS upgraded Glencore to ‘buy’, citing strong trading profits, rising commodity prices, and potential copper growth and asset sales exceeding US$10 billion.

2 sources. https://clstr.news/cluster/glencore-upgraded-to-buy-by-ubs-amid-strong-trading-and-commodity-growth

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Cite as: Glencore business performance and ASX listing. CLSTR, https://clstr.news/situations/glencore-business-and-financial-performance