Stock Groups

Glencore Raises Trading Profit Outlook Again as Commodites Soar -Breaking

© Reuters. Glencore Raises Trading Profits as Commodities Soar

(Bloomberg). — Glencore Plc (OTC) said that its trading profit will surpass its target for this year because the commodities giant keeps reaping the benefits of 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.  In trading profit, last year’s record was $3.3Billion.

As the world economy recovers from the pandemic, commodities such as togas and thermal coal saw a surge in demand this year. China and Europe are experiencing energy shortages, which has also pushed up the prices of coal and limited metal supplies. Market movements offer huge opportunities to the largest commodity traders. Oil majors such as TotalEnergies SE, (NYSE:), have also reported impressive trading performance from volatile markets. 

Glencore stated that its mining production targets for this year remained the same.


Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.