(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.
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