Yahoo Finance Glencore Sees Yet Another Strong Year for Trading Profits
(Bloomberg) -- Glencore Plc expects another bumper year of trading profits and is currently on track to hit the top of its guidance range as the trader-cum-miner cashes in on strong commodity prices and high interest rates.
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Glencore has been one of the biggest winners from almost unprecedented volatility in commodity markets as prices have been whipsawed by Russia’s invasion of Ukraine and wider trade flow issues.
And while its profits are set to be lower than the record levels reached during the energy crisis, it’s guiding toward another good year.
Glencore said Tuesday it expects core profit from the trading unit of $3 billion to $3.5 billion this year. The company has a longstanding guidance range of $2.2 billion to $3.2 billion.
Separately, Glencore maintained all of its production targets.
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