GLENLondon Stock Exchange
Glencore
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Looking for the Glencore share chat? This is where verified investors discuss Glencore, and where they build a collective voice the company has a reason to answer.
Marketing or mining?
Glencore is really two businesses wearing one share price, and they do not behave the same way. Industrial earnings track the commodity cycle. Marketing is supposed to earn something through it, including when prices are unhelpful. The coal run-off and the transition metals build then sit on top as a question about where the capital goes. For anyone who follows this closely: how much of the marketing earnings do you treat as genuinely through-cycle?
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Key questions
How resilient are Glencore's marketing and industrial earnings to swings in commodity prices and demand cycles? How is management balancing capital returns to shareholders against investment in the portfolio, including the eventual run-off of coal assets and growth in transition metals?
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