GLNCY Glencore Unsp ADR

Glencore raised its long-term profit outlook for its commodities trading business on Friday, saying adjusted Marketing EBIT for 2026 is expected to exceed $5 billion, driven largely by major shifts in crude oil markets. The company also expects second-half results to come in at the upper end of its previous guidance. From 2027 onward, Glencore introduced a new framework for long-term trading earnings that incorporates readily marketable inventories (RMI), financing costs and interest rates. Based on $32.2 billion of RMI at the end of June and a current marketing financing cost of about 5%, the framework implies a midpoint of roughly $3.5 billion, within a range of approximately $2.8 billion-$4.2 billion. With RMI at $25.4 billion, the implied midpoint would be about $3.2 billion, reflecting roughly $300 million lower associated financing costs. Glencore said its previous long-term guidance was based on lower inventory levels and a different interest-rate environment. $GLNCY

Glencore, Peabody Energy and New York-based investment firm Heeney Capital are evaluating potential deals to produce coal in Venezuela as the Trump administration encourages U.S.-aligned companies to develop the country’s natural resources. Glencore and Peabody are reportedly working on a potential offer for coal assets in Zulia, Venezuela’s main coal-producing region. Separately, Heeney is working with Alabama-based Drummond on a possible bid, with Drummond representatives visiting the region last month. The discussions reportedly focus on operating control and purchase rights rather than outright ownership of the mines. Venezuela holds an estimated 730 million metric tons of coal reserves, but production has collapsed from about 8.7 million short tons in 2000 to roughly 350,000 tons in 2024. The industry began showing signs of revival after production restarted at the Paso Diablo and Mina Norte mines in late 2024. $GLNCY

Mercuria Energy Group and Glencore are in separate talks with the Venezuelan government over potential deals involving Venalum, the country's largest aluminum smelter, according to Bloomberg. The discussions could include operating the facility and securing access to the aluminum it produces, although the structure of any agreement remains unclear. Mercuria is working with private mining investment firm Heeney Capital on its potential bid. No definitive agreement has been reached, and the negotiations could still collapse. If completed, the deals would mark a significant expansion by major global commodity traders into Venezuela's industrial sector. Mercuria and Heeney have already secured several agreements to purchase Venezuelan bulk commodities and metals, including gold, as major Western commodity traders seek new opportunities in the country following the departure from power of former leader Nicolás Maduro. $GLNCY