Citi has added Glencore PLC (LSE:GLEN)to its European Focus List and raised its target price to 770p, citing a bullish outlook for both coking and thermal coal underpinned by six distinct and uncorrelated demand and supply drivers. The broker said Glencore, the world's largest seaborne thermal and coking coal producer, is positioned to benefit from safety-related mine closures in China and substitution of Iranian steel output driving coking coal demand, alongside the end of an Indian destocking cycle.