Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a> shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks &amp; dividends to drive its share prices higher.</li>
<li>Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.</li>
<li>The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.</li>
</ul>



Glencore Plc (GLEN LN) shares are down 15.3% YTD and remains undervalued relative to peers. Asset optimisation, buybacks &amp; dividends to drive its share prices higher.
Firm has identified USD 1 billion in annual cost savings, with at least 50% expected to be realized in the second half of 2025.
The company has reiterated its commitment to shareholder returns via USD 1 billion buyback and USD 1 billion through dividend payout.


Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)

Iron Ore and Dry Bulk Freight, Mint Finance

Umang Agrawal

Iron Ore and Dry Bulk Freight

<ul>
<li>Vale cuts 2026 iron ore guidance to 335–345 Mt as China’s weaker demand and rising scrap reduce seaborne needs by about 160 Mt.</li>
<li>Steel decarbonisation accelerates through global EAF expansion, pushing Vale toward a flexible blend of high-grade, mid-grade, and corrective ores to maximise value.</li>
<li>Vale and Glencore’s Sudbury study targets 880 kt copper over 21 years, leveraging shared infrastructure to curb costs and bolster North American supply.</li>
</ul>


Vale cuts 2026 iron ore guidance to 335–345 Mt as China’s weaker demand and rising scrap reduce seaborne needs by about 160 Mt.
Steel decarbonisation accelerates through global EAF expansion, pushing Vale toward a flexible blend of high-grade, mid-grade, and corrective ores to maximise value.
Vale and Glencore’s Sudbury study targets 880 kt copper over 21 years, leveraging shared infrastructure to curb costs and bolster North American supply.


Key Insights From Vale Day 2025: Strategy Recast for a New Metals Cycle

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glencore-plc" target="_blank" data-smartkarma-citation="entities:764:1" rel="noopener">Glencore Plc (GLEN LN)</a> currently ranks 77 in STOXX Europe50. If it ranks 75 or worse on 30 April, the security will be deleted via Fast-Exit on 7 May.</li>
<li>
<a href="https://www.smartkarma.com/entities/rolls-royce-holdings-plc" target="_blank" data-smartkarma-citation="entities:22121:1" rel="noopener">Rolls-Royce Holdings (RR/ LN)</a> is forecasted to be the replacement to the Fast-Exit deletion.</li>
<li>Main forecasted addition and deletion candidates at the September 2025 annual review include <a href="https://www.smartkarma.com/entities/banco-bilbao-vizcaya-argentari" target="_blank" data-smartkarma-citation="entities:21251:1" rel="noopener">Banco Bilbao Vizcaya Argentaria (BBVA SM)</a> and <a href="https://www.smartkarma.com/entities/mercedes-benz-group-ag" target="_blank" data-smartkarma-citation="entities:21602:1" rel="noopener">Mercedes-Benz Group (MBG GR)</a>, respectively. </li>
</ul>



Glencore Plc (GLEN LN) currently ranks 77 in STOXX Europe50. If it ranks 75 or worse on 30 April, the security will be deleted via Fast-Exit on 7 May.

Rolls-Royce Holdings (RR/ LN) is forecasted to be the replacement to the Fast-Exit deletion.
Main forecasted addition and deletion candidates at the September 2025 annual review include Banco Bilbao Vizcaya Argentaria (BBVA SM) and Mercedes-Benz Group (MBG GR), respectively. 


Glencore (GLEN): Fast-Exit from STOXX Europe50 In May 2025

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

<ul><li>Rumors of a potential merger between Glencore and Rio Tinto, which would be the largest mining M&amp;A deal ever</li><li>Talks were reported to have occurred in the second half of last year but are not currently active</li><li>Both companies have London listings and did not comment on the rumors, indicating a potential window of no talking due to UK takeover rules</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Rumors of a potential merger between Glencore and Rio Tinto, which would be the largest mining M&amp;A deal everTalks were reported to have occurred in the second half of last year but are not currently activeBoth companies have London listings and did not comment on the rumors, indicating a potential window of no talking due to UK takeover rulesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Agricultural Bank Of China / Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Arbs Go A-H, Copper Plays & China's Property Pulse

Switzerland

Glencore Plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Plc offers its products and services around the world.

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Glencore Plc (GLEN LN)

Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)

Glencore shares down 15.3% YTD. It remains undervalued compared to peers. Stronger 2H, ~USD 1B cost savings, USD 1B of buybacks, and USD 1B of...

Mint Finance

Key Insights From Vale Day 2025: Strategy Recast for a New Metals Cycle

Vale trims iron ore output, doubles down on decarbonized steel trends, and advances a Sudbury copper partnership as supply tightens.

Mint Finance

Glencore (GLEN): Fast-Exit from STOXX Europe50 In May 2025

Glencore (GLEN) is ranked ~79 as of 29 April. With only one day to go, the stock price needs to surge ~8% to avoid fast-exit. As a result, the...

Dimitris Ioannidis

We’re Back. And so are Mega Deals

: Rumors of a potential merger between mining giants Glencore and Rio Tinto have sparked interest in the industry, with potential implications for...

Money of Mine

Curator's Cut: Arbs Go A-H, Copper Plays & China's Property Pulse

In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market.

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Down But Not Out! Multiple Tailwinds to Drive Glencore Higher (Long GLEN | TP: GBp 360)

​Glencore shares down 15.3% YTD. It remains undervalued compared to peers. Stronger 2H, ~USD 1B cost savings, USD 1B of buybacks, and USD 1B of...

Mint Finance

Key Insights From Vale Day 2025: Strategy Recast for a New Metals Cycle

Vale trims iron ore output, doubles down on decarbonized steel trends, and advances a Sudbury copper partnership as supply tightens.

Mint Finance

Glencore (GLEN): Fast-Exit from STOXX Europe50 In May 2025

Glencore (GLEN) is ranked ~79 as of 29 April. With only one day to go, the stock price needs to surge ~8% to avoid fast-exit. As a result, the...

Dimitris Ioannidis

We’re Back. And so are Mega Deals

: Rumors of a potential merger between mining giants Glencore and Rio Tinto have sparked interest in the industry, with potential implications for...

Money of Mine

Curator's Cut: Arbs Go A-H, Copper Plays & China's Property Pulse

In this cut, we explore A-H share trading dynamics, consider copper market dynamics and plays, and China's bottoming/stabilizing real estate market.

Pranav Rao

Glencore shares down 15.3% YTD. It remains undervalued compared to peers. Stronger 2H, ~USD 1B cost savings, USD 1B of buybacks, and USD 1B of...