Glencore’s first half-profit from trading commodities will be bigger than it typically reports for an entire year, putting it on course for a record 2022 as the resources giant cashes in on soaring prices and volatility.
The commodity trading industry is enjoying its most profitable period ever, as Russia’s invasion of Ukraine sparks wild swings in markets that were already at or near record highs even before the war started, creating opportunities for the traders who transport the world’s resources.
The company said in a statement on Friday that Glencore expects trading profit in the first half to exceed $3.2 billion (R51.2bn), which compares with record profit of $3.7bn it delivered in the whole of last year and puts it well ahead of a long-term guidance range of $2.2bn to $3.2bn.
Reuters