Glencore PLC shares climbed over 3% to 501.8p, not far from three-year highs after reporting a final results for 2025 where it talked up a bigger push into copper.
Boss Gary Nagle doubled down on the orange metal, citing “clear momentum" for this as a growth strategy.
He said output should exceed 1 million tonnes by 2028 and reach about 1.6 million tonnes by 2035, with H2 2025 production almost 50% above H1 after stronger grades at key mines.
"We are uniquely positioned to support the energy needs of today whilst providing many of the transition-enabling commodities the world needs as demand changes," he said.
Adam Vettese, market analyst for eToro, said the FTSE 100 miner and commodities trader had delivered a "classic mixed mining updates, indicating the company is better under the bonnet than the headline numbers suggest".
Core earnings dipped 6% to $13.5 billion as weaker coal prices offset record copper, but the second half showed a clear improvement and the trading arm provided a solid cushion.
"Management is trying to keep both income and growth investors onside with $2 billion of shareholder returns, while continuing to talk up a copper led growth story that taps directly into the energy transition theme," he said.
"Although, Glencore also still leans heavily on coal cash flows at a time when ESG pressure is only going one way."
The failure in the past week to agree terms on a merger with Rio Tinto "underlines that Glencore clearly believes its trading franchise and copper pipeline deserve a much richer valuation than the market, or Rio, is currently prepared to pay".
Vetesse said he sees the company as "a value tilted way to play tighter copper markets", with shareholder returns "paying investors to wait for the cycle to turn more decisively in their favour", though no new buyback was announced.
Chris Beauchamp, market analyst at IG, said: "Glencore looks set to become more like Antofagasta as it pushes expansion into copper.
"This would continue to make it an appealing merger target for a number of its peers, with the possibility that Rio may come back for yet another round of discussions.
"While the rally in copper has stalled so far this year, the overall supply and demand dynamic continues to favour higher prices, strengthening the case for Glencore's move away from coal."