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Prices & Quotes - UK Markets - Glencore (GLEN)

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Share Price:
Up 322.75p
Change Today:
10.45p
Market Cap:
43,004m
Sector:
Mining

'Green demand' to drive record tight copper balances, Goldman Sachs says

By Alexander Bueso

Date: Wednesday 14 Apr 2021

LONDON (ShareCast) - (Sharecast News) - Strategists at Goldman Sachs reiterated their 'bullish' stance for a select group of global copper miners, predicting that so-called 'green demand' would drive the tightest balances ever over the next decade.

Their analysts' base case was that the transition towards clean energies would result in a nearly six-fold increase in copper demand to 5.4m tonnes by 2030.

Demand would be split between 1.5m tonnes from solar, 1.3m from wind, 2.4m from electric vehicles and 0.2m from EV charging points.

That was on top of the demand from the ongoing global coordinated economic recovery.

"In short, the annual average demand growth from these green technologies could be on par with that from China during a period of high growth in the 2000s," they said.

And to prevent the depletion of copper inventories, prices would need to rise.

Goldman's new price forecasts were $9,675/tonne in 2021, $11,875/t in 2022, and $12,000/t in 2023, before a material step up to $14,000/t in 2024 and $15,000/t in 2025.

As of 13:30 GMT, three-month LME copper futures were trading near $8,945 per metric tonne.

Hence, and despite a "stellar" year already for copper equities, Goldman saw the potential for a further re-rating.

In particular, they highlighted buy-rated Freeport-McMoran (Target price: $43.0), First Quantum Minerals (CAD$40.0), Lundin Mining (CAD$20.0), BHP (2,460.0p), Glencore (350.0p), and Anglo American (3,900.0p).

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Glencore Market Data

Currency UK Pounds
Price 322.75p
Change Today 10.45p
52 Week High 323.47p
52 Week Low 136.50p
Volume 58,006,978
Shares Issued 13,324m
Market Cap 43,004m
Beta 0.02

Performance Indicators

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What The Brokers Say

Strong Buy 13
Buy 1
Neutral 5
Sell 0
Strong Sell 0
Total 19
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Glencore Dividends

  Latest Previous
  Special Special
Ex-Div 02-Sep-21 22-Apr-21
Paid 21-Sep-21 21-May-21
Amount 6.00¢ 6.00¢

Trades for 07-May-2021

Time Volume / Share Price
16:35 10,272,795 @ 322.75p
16:29 1,299 @ 322.80p
16:29 2,848 @ 322.75p
16:29 1,500 @ 322.65p
16:29 1,500 @ 322.70p

Glencore Key Personnel

CEO Ivan Glasenberg