https://www.engineeringnews.co.za

Glencore expects another bumper year of commodity trading profit

Copper anodes

Copper anodes

21st April 2023

By: Bloomberg

  

Font size: - +

Glencore, the miner that’s trying to buy Canadian rival Teck Resources, said it’s on course for yet another bumper year of trading commodities as the industry continues to cash in on volatile markets.

Fresh from record trading earnings last year, Glencore’s first quarter highlights how the commodity trading industry continues to enjoy of one of its most profitable periods ever after Russia’s invasion of Ukraine spread turmoil through markets from energy to agriculture.

Based on the first-quarter performance, trading profits this year will again beat its guidance range of $2.2-billion to $3.2-billion, Glencore said Friday. The company has exceeded its range for the last three straight years.

Glencore’s trading update, released along with its production numbers for the first quarter, comes as the trader-turned-miner pursues rival miner Teck Resources. Teck’s shareholders are set to decide within the next week on whether to approve a split of the company that Glencore is trying to prevent.

Edited by Bloomberg

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 
Alcohol Breathalysers
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.062 1.152s - 140pq - 2rq
Subscribe Now