Glencore Shares Rise as Deutsche Bank Backs “Compelling” Investment Case

Glencore (LON: GLEN) shares rose on Monday, standing out as the top gainer on the FTSE 100 even as London’s blue-chip index slipped 0.4% to close at 10,862.50 points.

The mining and commodities giant’s stock climbed to 564.50p, up 1.27% on the day, buoyed by a fresh vote of confidence from Deutsche Bank.

The German bank reiterated its “buy” rating on Glencore, telling clients it continues to see “a compelling bottom-up story” for the miner. Analysts pointed to three key catalysts: near-term progress on asset divestments that should pave the way for higher shareholder returns; copper volumes expected to rise materially over the next 12 to 18 months, a development Deutsche Bank argues is barely reflected in the current share price; and the possibility that stalled merger talks with rival Rio Tinto could be revived once both companies advance their respective divestment programmes.

The upgrade builds on already-strong momentum. Last week, Barclays raised its price target on Glencore to 650p from 635p following robust quarterly results, underscoring growing broker optimism around the group’s operational trajectory.

Glencore’s gains came against a broader market backdrop of caution, with defensive stocks such as Imperial Brands, British American Tobacco and Coca-Cola HBC dragging on the FTSE 100. Rising oil prices, driven by renewed tensions over the Strait of Hormuz, also lifted energy and resource-linked shares, reinforcing mining’s role as one of the session’s few sectors in positive territory.