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Glencore PlcOTCPK - Current
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  • Today, 1:55 PM
    • Glencore's (OTCPK:GLCNF, OTCPK:GLNCY) deal for a minority stake in Russia's Rosneft (OTC:RNFTF) is praised by analysts as a smart way for Glencore to boost its exposure to oil and potentially raise revenues at its trading arm.
    • The best part of the deal for Glencore: Its stake gives it access to 220K bbl/day of additional Rosneft crude to trade, in addition to the five-year deal Glencore struck with Rosneft in 2012 that gave it the right to buy 180K bbl/day.
    • Investec says Glencore has found its footing again with Russia after having lost its status as the top trader of Russian crude.
    • Bernstein's Paul Gait likes the deal, as it helps Glencore’s competitive position vs. other traders such as Trafigura in the highly competitive sourcing of physical barrels for trading businesses.
    | Today, 1:55 PM
  • Yesterday, 2:08 PM
    • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and Qatar’s sovereign wealth fund have bought a 19.5% stake in Russian state-controlled oil producer Rosneft (OTC:RNFTF), according to a Kremlin spokesperson.
    • The Russian government reportedly will receive €10.5B ($11.3B) from the deal and will prepare a scheme for foreign currency conversion to avoid financial market volatility.
    • Russia still holds a controlling stake in Rosneft, the world’s largest listed oil producer.
    | Yesterday, 2:08 PM | 3 Comments
  • Thu, Dec. 1, 4:49 AM
    • More than a year after it suspended its dividend, Glencore (OTCPK:GLCNF) is planning to reinstate payouts and distribute $1B to investors in 2017, another sign of how this year's sharp recovery in commodity prices is healing the wounds of the mining industry.
    • "We have delivered on our commitments and done so in a way that has preserved the long-term earnings capability of the company," CEO Ivan Glasenberg said in a statement.
    | Thu, Dec. 1, 4:49 AM | 1 Comment
  • Fri, Nov. 18, 11:58 AM
    • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) is seeking to raise $550M through a debt issue guaranteed by oil from Iraqi Kurdistan in an attempt to secure a large piece of the high-risk, high-reward market, Reuters reports.
    • Glencore reportedly plans to enter into a new five-year agreement with the Kurdish government to buy its crude, with deliveries rising from one cargo in January, to two in February-March, four in April and six from May onwards; six cargoes per month would represent 25% of overall exports from Kurdistan and would be worth at least $1.7B/year at today's price of ~$40/bbl for Kurdish oil.
    • The risks of investments linked to Kurdish crude is reflected in the high returns offered in the debt issue, with Glencore's planned five-year note reportedly carrying an interest rate of 12%.
    | Fri, Nov. 18, 11:58 AM
  • Wed, Nov. 16, 10:56 AM
    • Global copper markets will be oversupplied for at least two years, according to executives at some of the world's top copper producers, casting doubt on the chances of a prolonged rally in prices.
    • The cautious outlook comes after benchmark copper prices last week recorded their biggest weekly gain since 2011, largely fueled by Pres.-elect Trump's promises of infrastructure spending.
    • "In 2017, it will still be a relatively oversupplied market. In 2018 it will not be better than 2017," says a VP at Jiangxi Copper, China's largest copper producer; he also describes the market's recent moves as "irrational."
    • The founder and president of Maike Metals Group, one of China's top metals traders, says China's government needs to control "overspeculation" in the local futures market, hit by volatile trading over the last week as it was whipsawed by speculative cash.
    • Relevant tickers include FCX, BHP, RIO, VALE, OTCPK:GLCNF, OTCPK:GLNCY, OTC:ANFGF, OTCPK:AAUKF, OTCPK:AAUKY, JJC, CPER, CUPM.
    | Wed, Nov. 16, 10:56 AM | 18 Comments
  • Tue, Nov. 15, 5:58 PM
    • A mining company run by Glencore (OTCPK:GLCNF, OTCPK:GLNCY) in the Democratic Republic of Congo reportedly made millions of dollars in undisclosed payments to a company owned by an Israeli businessman accused by U.S. authorities of paying more than $100M in bribes to Congolese officials.
    • The businessman, Dan Gertler, received payments meant for Congo’s state-run mining company Gecamines, according to a report by Global Witness, a London-based non-profit, which cites documents detailing the payments.
    • The payments would provide fresh evidence of financial ties between Glencore and Gertler, who is the subject of a U.S. Justice Department investigation.
    | Tue, Nov. 15, 5:58 PM | 1 Comment
  • Fri, Nov. 11, 10:30 AM
    • The price of iron ore jumps 7.4% to $79.70/metric ton, marking its highest level since October 2014, on expectations of better than expected demand in the U.S. and China as well a slower than expected iron ore supply growth in recent months.
    • Iron ore prices have surged 18% since the Trump election victory; other commodities such as copper also have rallied due to expectations that Trump will aim to fulfill his promise of spending more on U.S. infrastructure.
    • But the rise may be overdone, according to Capital Economics Ltd., which expects iron ore to face growing pressure on rising supply from Australia and Brazil as well as headwinds to demand in China.
    • Relevant tickers include BHP, RIO, VALE, CLF, OTCPK:AAUKF, OTCPK:AAUKY, OTCPK:GLCNF, OTCPK:GLNCY.
    | Fri, Nov. 11, 10:30 AM | 41 Comments
  • Fri, Nov. 11, 8:58 AM
    • Copper was trading up 3% in late Asian trade, rising for a seventh straight session and up more than 15% for the week in what would be its biggest weekly gain since 1980, according to Reuters.
    • Copper already had been moving higher by a surge in China steel and coal prices, but Trump's surprise election victory and comments in his acceptance speech on increased infrastructure spending fueled further buying.
    • Traders say the pace of gains has been amplified by momentum-based fund buying, much of it from China, after prices this week smashed through a key chart resistance.
    • Analysts also are revising down expectations of mine supply for 2017, after January's price slump to six-year lows forced some high-cost mines to shut, and with new supply from Peru largely complete.
    • Relevant tickers include FCX, BHP, RIO, VALE, OTCPK:GLCNF, OTCPK:GLNCY, OTC:ANFGF, JJC, CPER, CUPM.
    | Fri, Nov. 11, 8:58 AM | 34 Comments
  • Thu, Nov. 10, 10:45 AM
    • Freeport McMoRan (FCX +6.1%) extends this week's breakout momentum to challenge 18-month highs along the $14 level as copper prices continue to soar.
    • High-grade copper futures for December have soared 4% so far today, the most in more than a year, extending gains as investors prepare for a possible boom in infrastructure projects under a Trump presidency.
    • Along with improvement in economic data from China, a major buyer of industrial metals, “Trump’s pledge to spend, combined with a surge in speculative demand on exchanges from New York to London and Shanghai, have all helped drive copper up to a 16-months high,” says Ole Hansen, head of commodity strategy at Saxo Bank.
    • Along for the ride are copper producers Antofagasta (OTC:ANFGF +11.3%), Glencore (OTCPK:GLCNF +5.7%) and BHP Billiton (BHP +8.2%), as well as companies that may benefit from bulked-up spending on U.S. infrastructure projects, such as Dublin-based CRH (CRH +1%), which has surged 11% in two days as the U.S. market makes up 51% of its revenue.
    • ETFs: JJC, CPER, CUPM
    | Thu, Nov. 10, 10:45 AM | 19 Comments
  • Thu, Nov. 3, 7:59 AM
    • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) narrows its expectations for pre-tax profit from trading and lowers its oil production plans as the company says it is waiting for a stronger price environment.
    • Glencore narrows its FY 2016 EBIT outlook to $2.5B-$2.7B from previous guidance of $2.4B-$2.7B, and lowers full-year oil production guidance to 7.4M bbl/year from 8M, with a 100K barrel margin of error.
    • The mining and trading firm also says its Q3 production of copper, zinc, oil and coal was lower than at the same time last year but in line with expectations following announced supply reductions.
    • Glencore's biggest output decline was in zinc, down 30% Y/Y, while copper production fell 6%, coal down 11% and oil 25% lower.
    | Thu, Nov. 3, 7:59 AM | 2 Comments
  • Tue, Nov. 1, 8:15 AM
    • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) says it will restart an Australian coal mine that was shuttered more than two years ago to meet strong demand for coal used in steelmaking.
    • Glencore acquired the underground Integra mine, formally called Glennies Creek, in 2015 after it was mothballed by then owner Vale, and now plans to restart it early next year.
    • Glencore expects the mine to yield 1.3M metric tons of coal at the site in 2017.
    • Demand for Australian coal has been rising because of restrictions on production in China, sending prices soaring.
    | Tue, Nov. 1, 8:15 AM
  • Tue, Oct. 25, 12:46 PM
    • Total (TOT -0.6%), Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and Guvnor are bidding for a 75% stake in Chevron's (CVX +0.2%) South African downstream assets, which include a 110K bbl/day refinery in Cape Town, Reuters reports.
    • Round two of the bidding in which actual offers were made closed on Sept. 30, with a selling price estimated at $1B expected for the assets in South Africa as well as neighboring Botswana, according to the report.
    • CVX also has interests in a lubricants plant in Durban on the east coast, and its network of Caltex service stations makes it one of South Africa's top five petroleum brands.
    | Tue, Oct. 25, 12:46 PM
  • Tue, Oct. 25, 11:21 AM
    • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and Japanese power utilities reportedly have settled quarterly thermal coal contract prices at $94.75/metric ton, up 48% from ~$64/metric ton in the prior quarter, reflecting a surge in spot prices.
    • The recent price rally for thermal coal has been triggered by a Chinese government decision to cap its mining output to address labor issues and pollution, forcing its utilities to import more coal; the intervention cut China's mining output by ~15% and sent buyers to global markets to meet the shortfall.
    • Glencore is the world's biggest supplier of sea-traded thermal coal and typically sets pricing for the sector.
    | Tue, Oct. 25, 11:21 AM
  • Thu, Oct. 20, 3:25 AM
    • Glencore (OTCPK:GLCNF) has agreed to sell its Australian coal haulage business GRail to Genesee & Wyoming (NYSE:GWR) for A$1.14B ($874M).
    • The deal takes Glencore's asset sales to $4.7B in 2016 and puts the mining and trading giant on course to reduce its net debt to $16.5-17.5B by the end of the year.
    • For its part, Genesee & Wyoming plans to sell 49% of GRail to funds managed by Macquarie Infrastructure & Real Assets (OTC:MCQEF).
    • Still, the purchase will double the size of Genesee & Wyoming's Australian operations and is expected to boost its EBITDA by A$100M in 2017.
    • PR
    | Thu, Oct. 20, 3:25 AM
  • Tue, Oct. 18, 3:23 PM
    • Glencore (OTCPK:GLCNF, OTCPK:GLNCY) says it has raised the size of a bond buyback tender to $1.49B from $1.25B, as it tries to capitalize on favorable conditions to reduce its debt burden.
    • Industry sources say Glencore's move will reduce the amount of debt maturing each year.
    • Big miners are in a stronger position after racking up high levels of debt last year because of the commodity price crash, but likely will remain cautious and use the bond market only to strengthen their balance sheets and eventually increase dividends rather than embark on aggressive expansion plans.
    | Tue, Oct. 18, 3:23 PM
  • Thu, Oct. 13, 12:18 PM
    • Iron ore heavyweights Rio Tinto (RIO -3.4%) and BHP Billiton (BHP -3.5%) are sharply lower following the news that Chinese exports fell by a more than expected 10% and imports dropped by a more than anticipated 1.9%.
    • Also down substantially are the likes of Freeport McMoRan (FCX -6.5%), U.S. Steel (X -5.7%), Teck Resources (TCK -5.4%), Cliffs Natural Resources (CLF -5%), Anglo American (OTCPK:AAUKF, OTCPK:AAUKY) and Glencore (OTCPK:GLCNF, OTCPK:GLNCY).
    • Also, Rio and BHP are downgraded to Sell from Neutral at Citigroup, which cites the impact of slack China commodities demand after the country's monetary stimulus and supply restrictions have driven a surge in bulk prices in 2016.
    | Thu, Oct. 13, 12:18 PM | 9 Comments