Rio Tinto Shares Hold Steady Amid Glencore Speculation and Strong Production Metrics
Rio Tinto shares fluctuated NEAR 6,487p in London trading as investors weighed robust iron ore and copper output against lingering takeover speculation. The stock's tight range between 6,457p and 6,490p reflects market caution ahead of Glencore's February 5 deadline for formal bid intentions.
Operational performance delivered clear positives: Pilbara iron ore shipments jumped 7% to 91.3 million tonnes, while copper output ROSE 11% annually to 883,000 tonnes. CEO Simon Trott called the quarterly results 'exceptional,' particularly highlighting Oyu Tolgoi's ramp-up in Mongolia.
Market participants remain bifurcated—bulls point to commodity price resilience and Rio's operational execution, while bears watch Glencore's next move. 'This is classic pre-event consolidation,' noted Barrenjoey analyst Glyn Lawcock. 'The market won't commit until Glencore shows its cards.'
