How One Trader’s Cobalt Hoard Is Making Its Way to America’s Strategic Vault - Moby THE GIST Mining major Glencore has agreed to buy the last of metal trader Rami Weisfisch’s stockpile of cobalt — nearly 2,000 metric tons worth $115 million. In a fine example of how middlemen work, the traded cobalt was originally acquired back in 2015 and has been stored in Europe and the U.S. Glencore is buying the last of Weisfisch’s cobalt, stored in the U.S., and most likely selling it back to the federal governmen ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 据外媒报道，伦敦金属交易所（LME）期铜价格周四微跌，前一交易日上涨超2%。美元汇率攀升至逾 一周高位，库存增加以及需求低迷，共同给这一基础金属的价格带来压力。 LME基准三个月期铜下跌0.2%，至每吨12879.50美元，此前周三曾上涨2.3%。由于上海期货交易所因 农历新年假期休市至2月23日，市场交易清淡。 "在中国市场休市的情况下，（铜价）基本没什么变动，等待流动性回归，这并不令人意外，" Tastylive 全球宏观主管伊利亚·斯皮瓦克表示，他补充说美元走强也给价格带来了轻微压力。在美联储会议纪要 显示政策制定者似乎并不急于降息，且多位官员对如果通胀持续顽固则可能加息持开放态度后，美元守 住了涨幅。美元走强使得以美元计价的大宗商品对于其他货币持有者而言更加昂贵。 LME注册仓库的铜库存周二增加了3，025吨，达到224，650吨，为2025年3月以来的最高水平。 责任编辑：吴俊阳 据外媒报道，伦敦金属交易所（LME）期铜价格周四微跌，前一交易日上涨超2%。美元汇率攀升至逾 一周高位，库存增加以及需求低迷，共同给这一基础金属的价格带来压 ...

Group 1 - Glencore is nearing the sale of its KazZinc Mining business to construction giant Mutalip, which is expected to reshape the mining industry in Kazakhstan [1]

Core Insights - The anticipated copper supply crunch is more related to downstream smelting and refining capacity rather than raw copper supply from mines [1][4] - The U.S. can meet 146% of its domestic copper demand through a combination of mine output, scrap, and overseas supply, contrasting with China's reliance on imports for 60% of its copper needs [2] - Rising copper prices, which have increased approximately 40% since October, are driven by supply disruptions and strong future demand linked to electrification and clean-energy technologies [3][5] Industry Analysis - Expanding refining and scrap-processing capacity is deemed more effective for improving supply security than acquiring new mines abroad, challenging current policy efforts focused on upstream supply [4] - The rising price of copper is becoming a significant profit driver for diversified mining companies, especially as iron-ore markets weaken [5]

Core Viewpoint - Glencore's CEO Gary Nagle emphasizes the need for consolidation in the mining sector despite the collapse of the $260 billion merger with Rio Tinto, indicating a continued appetite for significant deals in a copper-demanding market [2][3]. M&A Activity - Following the failed merger discussions with Rio Tinto, Glencore remains open to transformative acquisitions, suggesting that shareholders support the pursuit of larger deals [3]. - The breakdown of the merger was reportedly due to valuation disagreements, and a six-month cooling-off period is now in effect under U.K. takeover rules, although it may be shortened under certain conditions [4]. Financial Performance - Glencore reported a decline in adjusted EBITDA to approximately $13.5 billion from $14.4 billion the previous year, primarily due to lower coal prices affecting its energy and steelmaking coal division [5]. - Despite the decline in coal prices, Glencore remains one of the most profitable coal producers globally, indicating resilience in its earnings [5]. Commodity Insights - Copper prices have been supportive, helping to mitigate the negative impact from energy sectors, driven by supply tightness and market dislocations related to U.S. trade policy [6]. - The marketing division of Glencore has performed strongly, benefiting from market volatility and arbitrage opportunities [6]. Shareholder Returns and Future Plans - The company announced around $2 billion in shareholder returns, demonstrating its ability to generate significant cash flow without relying on a mega-deal [7]. - Progress has been made on a land access agreement at the Kamoto Copper Company in the Democratic Republic of Congo, which is expected to extend the mine's life and significantly increase copper output over the next decade [7]. Industry Significance - The importance of copper in the mining sector is underscored, as it plays a crucial role in electrification, grid expansion, renewable energy, electric vehicles, and AI-driven data centers, making it a key focus for investors [9].

Core Insights - Glencore PLC is a leading global miner and commodities trader with a strategic focus on increasing copper output significantly by 2035 [1] - The company reported earnings per share of $0.167, surpassing estimates, but revenue of $112.46 billion was slightly below expectations [2][5] - Following the release of its final results for 2025, Glencore's shares surged over 3% to 501.8p, driven by a nearly 50% increase in copper production in the second half of 2025 [3] Financial Performance - Earnings per share of $0.167 exceeded the estimated $0.161, indicating a positive earnings surprise [2][5] - Revenue was reported at $112.46 billion, slightly missing the estimated $112.59 billion, reflecting mixed performance in the commodities market [2][5] - The price-to-sales ratio of 0.34 suggests the stock is valued at 34 cents for every dollar of sales, while a debt-to-equity ratio of 1.10 indicates a balanced financial structure [4] Strategic Focus - The company's strategic shift towards copper production is gaining momentum, with significant increases attributed to improved grades at key mines [3] - Despite challenges from weaker coal prices, Glencore's trading arm and record copper prices contributed to strong performance in the latter part of the year [5]

美联储会议纪要今晚公布。将于北京时间周四凌晨3点公布的美联储1月会议纪要可能会为央行未来的货币政策路径提供更多洞察。值得注意的是,两位美 联储理事斯蒂芬·米兰和克里斯托弗·沃勒对美联储上月维持利率不变并暂停自去年年中以来的一系列降息决定表示反对。政策制定者强调就业形势趋于稳 定以及通胀稳定的迹象,作为将利率维持在3.5%至3.75%的理由。官员们也普遍倾向于至少在6月之前将利率维持在这一区间,采取观望态度,试图观察未来几 个月就业和价格涨幅的演变。同时,美联储主席鲍威尔即将结束其央行掌门人的任期。特朗普已提名前美联储理事沃什接替鲍威尔,投资者一直在试图摸清 沃什的利率政策可能与其前任有何不同。 美国能源部长：对格陵兰的主要兴趣不是稀土。美国能源部长赖特称，特朗普政府对格陵兰的主要兴趣在于国家安全，而非开发其稀土或能源资源。特 朗普长期以来一直寻求控制格陵兰，自他重返白宫以来，其政府一直在就开发当地尚未开发的矿产资源进行谈判。但赖特周二表示，这些努力只是次要 目标的一部分，即美国寻求扩大在格陵兰岛的军事存在的同时，为格陵兰人创造更多经济机会。 "七巨头"2026年开局不利拖累大盘，标普500关键支撑位处于失守边 ...

Group 1 - The core profit of Glencore (GLNCY.US) declined by 6% year-on-year to $13.5 billion, despite total revenue reaching $247.5 billion, a 7% increase [1] - The company plans to return $2 billion to shareholders, including an additional dividend of $800 million [1] - Negotiations between Glencore and Rio Tinto for a potential merger ended without agreement due to disagreements over premium payments [1] Group 2 - Glencore's copper production has decreased by approximately 40% since 2018, prompting the CEO to announce plans to double production over the next decade [2] - An agreement has been reached with the Democratic Republic of Congo's state mining company to enhance copper production in the country [2] Group 3 - The trading profits from Glencore's commodity business fell to $2.9 billion, with energy and coal trading profits declining by 32% [3] - The company's net debt remained stable at $11.2 billion, which is above its target level, yet it still plans to pay additional dividends [3]

Group 1 - The core point of the article is that Glencore's stock price increased by 2.7% following the announcement of its earnings, indicating positive market reaction to the financial results [1] - The company announced a return of $2 billion to shareholders, reflecting its commitment to shareholder value [1]

格隆汇2月18日｜嘉能可公布其全年利润出现下滑，原因是创纪录的铜价未能抵消其庞大煤炭业务收益 的下降。公司核心收益为135亿美元，较上年下降6%。不过嘉能可表示将向股东返还20亿美元，其中包 括8亿美元的额外分红。 ...