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Glencore’s trade year started the year strong, as rising commodity prices pushed it up as its global economic outlook improved.
The Swiss-based company, which is also a major miner, said year-over-year profits from its marketing unit would be at the top end of the $ 2.2 million and $ 3.2 million policy.
Coal-fired products have risen due to strong demand from China and elsewhere as the global economy emerges from the coronavirus pandemic.
Copper, which is used from household appliances to electric vehicles, was traded on Wednesday for more than $ 10,000 a tonne, starting with Covid-19 minimums in March 2020.
It was metal Less than $ 200 since surpassing the previous record, created in 2011 during a period of raw material growth.
In a quarterly production report, Glencore said copper prices averaged $ 8,501 in the three months of March, up 51% from the same period last year, up 29% from zinc, 38% from nickel and 27% from thermal coal.
Tyler Broda, an analyst at RBC, said the winds that protect Glencore’s trading arm will continue for a long time to come due to supply disruptions in countries that produce major products like Chile.
Glencore’s trading arm helps smooth out its continued gains from its mining assets. The investor follows closely because of the large amount of money it can generate. Glencore’s dividend policy is also based.
The unit achieved one of its best returns last year, yielding interest and pre-tax profits of $ 3.3 billion when traders charged for the confusion caused by coronavirus in the oil and metals markets.
In an update Wednesday, Glencore said production of active mining in the first quarter of 2021 was in line with expectations.
Glencore’s longtime CEO Ivan Glasenberg will retire in June. Gary Nagle will be the head of his active coal.
Delegation teams and some investors have received a proposed salary package from Nagle. However, company president Tony Hayward said he expects significant support for the package at an annual meeting in Switzerland later today.
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