Mining giants Rio Tinto and Glencore have announced near-record financial updates for the first six months of 2026, attributing their performance to high commodity prices and global uncertainties. Rio Tinto saw a 43 per cent increase in profit during this period, citing elevated metals prices and an efficiency programme launched in 2025.
Glencore's commodity trading division generated $2.9bn (£2.4bn) between January and July, placing it on track to potentially surpass its 2022 annual record. The wider company achieved nearly $3.5bn, approaching its full-year forecast in just six months.
Both companies have benefited from increased demand for base metals like copper and precious metals such as silver, driven by the expansion of artificial intelligence and the electrification push. Copper prices have risen by more than 66 per cent since 2023. Glencore reported a 15 per cent rise in copper output, while Rio Tinto's overall output increased by three per cent year-on-year.
Volatility stemming from the Iran war also contributed to Glencore's strong half-year for its marketing division, leading to higher trading volumes. Shares in Glencore rose by over 4.4 per cent at market open in London.