CMOC and Glencore Post Record Profits as Cobalt Market Faces 2026 Deficit

Key Facts

1CMOC's profit jumped 86% in H1 2026, with revenue increasing by 43%.

2Glencore's H1 2026 Group Adjusted EBITDA increased 86% to $10.1 billion.

3IEA expects a cobalt market deficit from 2026 as DRC export curbs tighten supply.

Amid structural shifts in strategic metal markets, major cobalt producers have reported exceptional financial performance despite flat spot prices. CMOC's profit jumped 86% in the first half of 2026, driven by a 43% increase in revenue. According to reports, Glencore also saw its H1 2026 Group Adjusted EBITDA surge by 86% to reach $10.1 billion, highlighting strong operational momentum across the sector.

These earnings arrive as the International Energy Agency (IEA) warns of a looming cobalt market deficit starting in 2026, primarily due to tightening export curbs in the Democratic Republic of Congo (DRC). Per market data, this projected supply tightening provides a bullish backdrop for major miners like Glencore and CMOC, even as monthly spot prices remained stable at $25.53/lb through August.

In equity markets, 3993.HK stood at 17.30 HKD while GLEN.L closed at 593.10 GBp (as of August 24, 2026). Investors are now shifting focus toward potential DRC export quotas as a primary catalyst, while monitoring whether these firms can sustain the high margin levels reported in their latest half-year results.

Sources:

seekingalpha.com