Glencore shares ended the week lower in London, closing at 495.15p on Friday 6 November, down 4.69% across the week, as copper prices slid to a three-month low and investors weighed a mixed third-quarter production report from the mining and commodities group.

The shares fell 2.83% on Tuesday 3 November to 504.30p, part of a broad sell-off across metals and mining stocks, and touched an intraday low of 482.55p on Friday, close to a three-month low. Reuters tied the pressure on copper to renewed concerns over AI spending and global growth.

Glencore left its 2026 production guidance unchanged in its third-quarter report on 29 October, but the detail underneath was uneven. Own-sourced copper output reached 201,600 tonnes in the third quarter, taking the nine-month total to 598,600 tonnes, against full-year guidance of 810,000 to 870,000 tonnes, which the company expects to finish at the lower end. Third-quarter copper output was 4% below market consensus of 210,000 tonnes.

Cobalt told the starkest story: own-sourced output fell 52% year on year in the first nine months to 13,700 tonnes, which the company attributed to the continuing export quota regime in the Democratic Republic of Congo and a deliberate prioritisation of copper production. Zinc output fell 23% over the same period to 547,200 tonnes, while nickel rose 4% to 54,600 tonnes.

Against the weaker production profile stands the trading arm: Glencore still expects its marketing division to deliver more than $5 billion in adjusted earnings before interest and tax for 2026. The company has also announced that its annual Investor Update will take place on 7 December. A Financial Times report said Glencore is canvassing shareholders over changes to the pay clause covering chief executive Gary Nagle; Glencore declined to comment.