Glencore, Rio Tinto post bumper H1 results amid commodity boom

Two of the world's largest mining companies reported robust first-half results on Wednesday, buoyed by elevated commodity prices, rising production, and extreme market volatility tied to the ongoing conflict in the Middle East.

Glencore's Trading Arm Delivers Near-Record Haul

Glencore said its marketing division is expected to post approximately $3.3 billion in adjusted earnings before interest and taxes for the first half of 2026, according to the company's July 29 production report. The figure represents a 136% increase from the $1.4 billion generated in the same period last year and already exceeds the $2.9 billion the trading arm produced during all of 2025.wsj+1

A simple annualization would put 2026 marketing EBIT at $6.6 billion, narrowly surpassing the company's $6.4 billion record set in 2022 during the disruption following Russia's invasion of Ukraine. Volatility caused by the Iran conflict was the core force behind the result, with whipsawing developments in the Middle East driving higher trading volumes.thedeepdive+1

On the industrial side, Glencore reported a 15% year-over-year rise in own-sourced copper production to 397,000 metric tons, supported by improved grades at African operations and at Antamina in Peru. Other commodities moved in the opposite direction: cobalt production fell 46%, zinc dropped 21%, and gold declined 44%. Glencore maintained its annual copper guidance at 810,000 to 870,000 tons. Shares rose approximately 4% in London trading.oilprice+2

Rio Tinto Sees Strongest Half-Year in Four Years

Rio Tinto ↗ 2.20% posted its highest half-year underlying earnings in four years, with copper and aluminum divisions outperforming its mainstay iron ore business amid heightened energy demand. The Anglo-Australian miner reported a 43% jump in profit over the first six months, pointing to persistently elevated metals prices and efficiency gains from an ambitious productivity programme launched in 2025.seekingalpha+1

CEO Simon Trott called it "step-change performance," highlighting a 75% jump in free cash flow. Rio's copper output rose 3% year over year. Shares gained 2.6% in early trading on Wednesday.oilprice+1

Twin Tailwinds: AI and Geopolitics

Both companies have benefited from the dual forces of artificial intelligence infrastructure buildout and global electrification, which have driven copper prices up more than 66% since 2023. The pair earlier this year had explored a $260 billion megamerger before abandoning talks in February. A full breakdown of Glencore's divisional results is expected alongside its half-year financial report on August 5.thedeepdive+1