Tuesday, January 31, 2023

Glencore Raises Trading Profit Outlook Again as Commodites Soar By Bloomberg

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© Reuters. Glencore Raises Trading Profit Outlook Again as Commodites Soar

(Bloomberg) — Glencore (OTC:) Plc said its trading profits will exceed its target this year as the commodities giant continues to reap the benefit from soaring prices.

The unit’s core profit is now expected to be above the top end of its guidance range of $2.2 billion to $3.2 billion this year, Glencore said in a statement Friday.  The company reported a record $3.3 billion of trading profit last year.

Commodities from to gas and thermal coal surged this year on booming demand as the global economy works to rebound from the pandemic. Energy shortages in China and Europe have also helped drive up coal prices and constrained metal supply. The market moves offer lucrative opportunities for the biggest commodity traders and oil majors like TotalEnergies SE (NYSE:) have also reported strong trading performances from the volatile energy markets. 

Glencore said its production targets from its mines remained unchanged for the year.

 

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