Glencore Scores Huge Trading Profits as War Upends Markets

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 Scores Huge Trading Profits as War Upends MarketsGlencore Plc said its trading team made a first-half profit of about $3.3 billion, putting it on course for its best ever year and underlining how commodity traders are cashing in after the Iran war sent energy prices soaring.Author of the article:Last updated 13 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Copper anodes come out of a furnace at the Glencore Canadian Copper Refinery in Montreal, Quebec. Photographer: Graham Hughes/Bloomberg Photo by Graham Hughes /Bloomberg(Bloomberg) — Glencore Plc said its trading team made a first-half profit of about $3.3 billion, putting it on course for its best ever year and underlining how commodity traders are cashing in after 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 AccountBased on its first-half performance, the company is already within touching distance of the the top end of its annual earnings goal, which is set at $3.5 billion. The trading business made $2.9 billion last year. At its current rate, it’s on course to beat its record haul of $6.4 billion in 2022. Still, the company gave no updated guidance on its full-year performance.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 againCommodity-trading houses are reaping big profits as the conflict in the Middle East creates dislocations across energy markets. At the same time, metal prices have been buoyed by everything from the artificial-intelligence boom to trade tariffs.Glencore rose 4.1% by 8:14 a.m. in London, taking its gains to about 30% this year.Earlier this year, Glencore said it was comfortably ahead of its target for the year, but the scale of those trading profits became clear in an update from the company on Wednesday.Glencore, which is a major trader in both metals and energy, didn’t break down where its profits had come from, but will give more details at its first-half results next week. 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.Traders have also been making bumper profits as metals such as copper and aluminum climb toward record highs and tariffs and trade policies create arbitrage opportunities.Glencore also reiterated most of its production goals for the year, but slightly trimmed its steelmaking coal target. (Updates with shares in fifth paragraph.)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.