(Bloomberg) -- Glencore Plc, the miner that’s trying to buy Canadian rival Teck Resources Ltd., 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.
©2023 Bloomberg L.P.
