Glencore Sees More Bumper Profits From Commodity Trading Unit
(Bloomberg) — Glencore Plc is on course for more bumper profits from its sprawling commodity trading business as Russia’s invasion of Ukraine continues to dislocate global markets in everything from coal to grain.
Glencore, the world’s top coal shipper, has been one of the biggest winners from the global energy crunch as demand surges for fossil fuels. The commodity trading industry is enjoying its most profitable period ever, as Russia’s invasion of Ukraine sparks wild swings, creating opportunities for the traders who transport the world’s resources.
Glencore said it expects second-half trading profits will probably exceed $1.6 billion, the top end of its guidance range on a half-year basis. Still, trading earnings in the second half will be significantly lower than the record $3.7 billion it posted in the first six months of the year.
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