Glencore said full-year profit from its trading business will probably be in the range of $3.5 billion to $4 billion, as the commodity giant heads for another bumper year. Glencore reiterated its previous forecast that core earnings from the trading business will come in above its long-term guidance range for the unit of $2.2 billion to $3.2 billion.
Glencore is one of the world’s biggest mining companies, but it also operates a sprawling trading business. The industry experienced a blowout year in 2022, as the disruptions caused by Russia’s invasion of Ukraine sent prices and volatility soaring. As markets have normalised this year, Glencore said Friday it was able to release some of the working capital it has held in the business. Read the Sens here.