Glencore Increases 2026 Marketing Outlook and Confirms October 14 ASX Listing

Glencore has raised its 2026 marketing profit forecast to over $5 billion, citing a change in global commodity trade. The company also confirmed its secondary listing on the Australian Securities Exchange (ASX) will begin on October 14.

The revised outlook replaces the previous estimate of $4.9 billion. It reflects the company's ability to capture value in energy and freight environments. The company will trade on the ASX via CHESS Depositary Interests under the ticker symbol ASX:GLC.

"The marketing business continues to benefit from materially reshaped crude oil, refined products, gas and freight markets," Glencore stated in its market update.

Drivers of the Revised Forecast

Glencore’s marketing division acts as a global intermediary moving commodities from surplus to deficit regions. It relies on price arbitrage and logistical efficiency. The company noted that structural changes in energy markets, specifically across crude, refined products, and natural gas, have created a favorable environment for its trading operations.

New Long-Term Guidance Framework

Glencore has introduced a new methodology for calculating long-term marketing guidance to take effect in 2027. This framework accounts for two primary variables: funding costs and the value of Readily Marketable Inventories (RMI).

Using the RMI value of $32.2 billion as of June 30 and an assumed 5% funding cost, the company established a long-term guidance midpoint of approximately $3.5 billion. By formalizing this methodology, the company provides investors with a predictable baseline for its trading earnings. These earnings have historically been subject to fluctuations based on global supply chain disruptions and geopolitical shifts.

ASX Listing Logistics

The upcoming debut on the Australian Securities Exchange is part of a strategy to broaden the company's investor base. The listing of CHESS Depositary Interests (CDIs) allows Australian investors to trade Glencore shares on their local exchange. This avoids the complexities associated with holding foreign-registered securities. The debut is scheduled for Wednesday, October 14.