Glencore Boosts Outlook for Another Bumper Trading Year
- Glencore cuts production forecasts for zinc, nickel and coal
- Company said it’s producing some cobalt from Mutanda
Commodities like aluminum and copper have surged this year.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Glencore Plc is set to report another year of bumper profits from its trading business as the commodities giant cashes in on soaring prices, but lowered expectations for production of its own material.
The unit’s core profit is now expected to hit the top end of its guidance range of $2.2 billion to $3.2 billion this year, Glencore said in a statement Friday. The upgraded outlook would bring earnings from the trading business close to the record $3.3 billion the company reported last year, and help offset a series of setbacks at its own mines that have forced the company to lower some production forecasts.