Glencore Profit Jumps on Trading Boom and Record Copper

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessGlencore Profit Jumps on Trading Boom and Record CopperGlencore Plc reported a steep jump in profits after a surge in the price of its most important commodities and its trading unit had one of its best ever periods as the Iran war sent energy prices soaring.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Glencore Plc reported a steep jump in profits after a surge in the price of its most important commodities and its trading unit had one of its best ever periods as the Iran war sent energy prices soaring.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCommodity-trading houses are reaping windfall profits as the conflict in the Middle East creates dislocations across energy markets. That’s also been a boon for coal, one of Glencore’s biggest earners, while copper hit a record in the period after being buoyed by everything from the artificial-intelligence boom to trade tariffs. The company reported first-half core earnings of $10.1 billion, 86% higher than the previous year. Glencore said it’s returning an additional $1.5 billion to shareholders, including a top up distribution of $1 billion and a $500 million buyback. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe company also said it would apply for a secondary listing in Australia.“We’ve had a big push from investors to list in Australia,” said Chief Executive Officer Gary Nagle. “It’s a deep pool of capital with a deep knowledge of the industry.”The results — and decision to pursue an Australian listing — come six months after talks between Rio Tinto Group and Glencore failed, ending for now a deal that would have created the world’s biggest miner. The negotiations collapsed after the two sides could not find common ground on how big a premium Rio should pay.Glencore has been looking for new ways to attract more liquidity and raise its share price. Last year, it weighed a possible US listing, before ditching the plan. Rivals Rio Tinto and Anglo American Plc have already posted strong results based on higher metal prices. Yet Glencore’s trading business and exposure to coal have given the company an additional windfall.The Iran war upended global energy markets when it effectively closed the vital Strait of Hormuz at the end of February, shutting vast quantities of crude and products inside the Persian Gulf. Attacks on smelters in the region have also rocked the aluminum market.Buyers had to stump up for replacement barrels from elsewhere, particularly the US, creating a raft of opportunities for traders to cash in. The squeeze on petroleum products has also been exacerbated in recent months by waves of Ukrainian attacks on fuel plants in Russia, driving refining margins to records.That saw Glencore post first-half trading profits of $3.3 billion. Earnings from coal jumped 35% to $2.4 billion.Glencore’s results come as the company tries to sell parts of its sprawling portfolio. The company is currently in talks to sell a stake in its African copper business to the US backed Orion Resource Partners, while it’s also held talks about selling its stake in Kazzinc Ltd. in Kazakhstan.(Updates with details throughout)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.