Glencore Sees Positive Trading Profit as Commodities prices rise

Glencore Plc went on record to declare that its trading profits will go beyond its target within the year as it benefits from rising prices.

This year, its core profit is expected to exceed the top end of its projected guidance range of $2.2 billion to $3.2 billion, Glencore went on record to say on Friday. Last year, the firm made its trading profit of $3.3 billion public.

This year, commodities like copper, gas, and thermal coal surged in light of heightened demand as economies of the world try to bounce back from the pandemic. The shortages in Energy in China and Europe aided in the climb of coal prices and the control of metal supply. The behavior of the market opened profitable opportunities for the largest commodity traders and oil majors such as TotalEnergies SE which has already reported strong trading performances from the energy sector.

In another statement, Glencore said its production targets will remain the same this year.