Glencore eyes profit growth but output is expected to fall

Glencore is set to report another year of bumper profits from its trading business as the commodities giant cashes in on soaring prices, but lowered expectations for production of its own material.

Commodities from copper to aluminium and thermal coal surged in the first half of the year on booming demand, fuelled by trillions of dollars in government stimulus as the global economy works to rebound from the pandemic. The market moves offer lucrative opportunities for the biggest commodity traders, and rivals Vitol Group and Trafigura Group have also reaped bumper profits.

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