Glencore

With the closure of the Viterra (agri trading arm) deal, Glencore now has 16.4% stake in Bunge i.e. the US-listed agri trading giant and $900m of cash. As a result, in a surprise move, the Swiss trader-miner has announced $1bn of share buybacks, considering its stake in Bunge as ‘surplus cash’. This comes after the firm had already announced $1bn of share buybacks in early-2025 when weak 2024 results were announced.

Furthermore, we see the momentum improving as the copper market excitement is making a return, with the red metal trading close to $10,000/t – which is the highest level for this year. As a reminder, Glencore has fantastic positions in copper which look undervalued in our opinion. 

Glencore is our top pick within diversified miners. We have a buy rating with a TP of 483p ie 58% upside. 

Our expert mentioned that he likes the call. He believes at these price levels Glencore is a clear buy, especially on a long-term view. The current uncertainties regarding the short-term growth (US tariffs war) are a negative but this element is already incorporated in the share price. We had a clear sign with Ivan Glasenberg buying back into Glencore earlier that year.

Furthermore, the decision to increase the cash return is also a signal that M&A (ie acquisition) is not a key priority for the management at this stage which will be a relief.