Deutsche Bank has given Glencore a 'buy' rating with a price target of 680p, 16.3% above its recent closing price, citing strong copper growth prospects. Glencore aims to increase copper output to 1.1 million tonnes by 2029 and 1.6 million tonnes by 2035, nearly doubling production from 2025 levels. The bank expects copper volumes to rise significantly in the next 12 to 18 months, which is not yet reflected in the share price. Potential asset sales and revived merger talks with Rio Tinto could further boost shareholder returns, though legal risks remain near-term.
Glencore's copper growth outlook is highlighted alongside Pluang's Basic Materials sector data. For readers following this sector, as of Oct 13, 2026 20:11 WIB, 38 of 62 US stocks rose while 22 fell. Notable movers include Harmony Gold Mining Co. at USD 17.01 with a 1.98% gain and 99% buy order activity, AngloGold Ashanti Limited at USD 95.01 with a 1.68% gain and 91% sell order activity, and Gold Fields Limited at USD 37.32 with a 1.52% gain and 82% sell order activity.
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