Glencore stock falls 1.68 percent as UBS lifts target

Published on 09/28/2026 at 14:33 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Glencore stock traded at GBp 551.70 on September 28, 2026, after UBS raised its target to GBp 650.00. An ASX listing is scheduled for October 14.

Luftaufnahme eines großen Kupfertagebaus mit Baggern und Lastwagen in der Abendsonne — Glencore plc (ISIN JE00B4T3BW64) betreibt riesige Kupfertagebauten mit schweren Muldenkippern in staubiger Bergbaulandschaft, Illustration mit AI erstellt.

Glencore (ISIN JE00B4T3BW64) was trading at GBp 551.70 on the London Stock Exchange on September 28, 2026, down GBp 9.40 or 1.68 percent from the prior close of GBp 561.10. The immediate catalyst is a more constructive UBS view, while a planned Australian listing adds a separate market access milestone.

UBS raises target to GBp 650.00

According to Yahoo Finance on September 25, 2026, UBS upgraded Glencore from Neutral to Buy and lifted its 12-month price target from GBp 620.00 to GBp 650.00. The target increase was GBp 30.00, or 4.84 percent, and the broker raised its 2026 and 2027 EBITDA estimates by 5 percent and 7 percent.

UBS linked its upgrade to stronger Marketing performance, higher commodity prices, improved visibility on copper growth, asset disposals and shareholder returns, according to Yahoo Finance. The same report said the bank expects Glencore to generate USD 10.0 billion of 2027 free cash flow at spot prices, equivalent to an 11 percent free cash flow yield.

Stock stays below its yearly high

Glencore's September 28 reference price stood GBp 155.50 below its 52-week high of GBp 707.20 and GBp 219.50 above its 52-week low of GBp 332.20. The current level therefore sits 21.99 percent below the yearly high, while the day range ran from GBp 545.90 to GBp 554.40.

The share price decline contrasts with the UBS upgrade and leaves the broker's GBp 650.00 target 17.82 percent above the September 28 price. Glencore's market capitalization was GBP 64.5 billion, with trading volume at 7,381,107 shares at the quoted intraday timestamp.

ASX debut is scheduled for October 14

Glencore has also secured admission to the Australian Securities Exchange as a Foreign Exempt Listing. Moneyweb reported on September 25, 2026, that trading in the company's CHESS Depositary Interests under ASX ticker GLC is expected to start on October 14, 2026. Each CDI represents a beneficial interest in one Glencore ordinary share.

Glencore stock trades at GBp 551.70

Glencore stock was last at GBp 551.70 on the LSE on September 28, 2026, at 1:32 p.m. London time. The combination of a 1.68 percent intraday decline, a GBp 650.00 UBS target and the scheduled October 14 ASX debut gives investors three concrete reference points for the next phase of trading.