12:33 PM EDT, 10/30/2026 (MT Newswires) -- Berenberg updated its model for Glencore (GLEN.L, GLN.JO) following the mining company's third-quarter production report. Glencore delivered a "softer" three-month period, with copper production of 201,600 tonnes, lower than the research firm's 214,000 estimate and the Visible Alpha consensus of 209,000 tonnes, according to a note published Friday. Cobalt and lead production volumes also came in below expectations, whereas zinc volumes exceeded estimates. "Glencore reaffirmed its production guidance for FY 2026, with zinc and energy coal volumes expected towards the upper end of the respective guidance ranges (700-740kt and 96-101kt, versus our 730kt and 100kt estimates); nickel is guided towards the middle of the range (70-80kt, versus our 74kt estimate); with steelmaking coal expected towards the lower end (30-32kt, versus our 30kt estimate)," analysts said. "Copper volumes are anticipated to come in at the lower end of the 810-870kt range, where we think Collahuasi will need to deliver on better grades and recoveries to support an uplift in Q4, and forecast full-year copper production of 814kt." As such, Berenberg reduced its EPS forecasts for 2026 through 2028. The buy rating on the stock was retained, along with the price target of 7.80 pounds sterling.

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