Glencore and Rio Tinto strike gold on high commodity prices

cityam07-29

FTSE 100 miners Rio Tinto and Glencore were weighing a merger Rio Tinto and Glencore have posted near-record updates thanks to this year’s sky-high commodity prices and the uncertainty wrought by the ...

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Mining juggernaut Rio Tinto notched a 43 per cent jump in profit over the first six months of the year, pointing to persistently elevated metals prices and the ambitious efficiency programme it launched in 2025.Glencore – the world’s largest miner that also boasts an enormous commodity trading arm – said its trading division made $2.9bn  between January and July, putting it on track to eclipse its annual record $6.4bn haul in 2022. The wider company generated close to $3.5bn, nearly beating its forecast for the full year in just six months.Rio Tinto boss Simon Trott hailed what he said was “step-change performance” so far this year, pointing to the 75 per cent jump in free cash flow as signs the productivity drive was bearing fruit.Boss Gary Nagle pointed to higher pr","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CCRV":"iShares Commodity Curve Carry Strategy ETF","UGL":"2倍做多黄金ETF-ProShares","CMDT":"PIMCO Commodity Strategy Active ETF","GOAU":"U.S. Global GO GOLD and Precious Metal Miners ETF","AAAU":"Goldman Sachs Physical Gold ETF","GDXU":"MicroSectors Gold Miners 3x Leveraged ETN","IAUI":"NEOS Gold High Income ETF","HFGM":"Unlimited HFGM Global Macro ETF","GMOM":"Cambria Global Momentum ETF","DBC":"商品指数ETF-PowerShares DB","DRKY":"VistaShares Target 15 DRUKMacro Distribution ETF","ACOM":"Harbor Active Commodity ETF","FGDL":"FRANKLIN RESPONSIBLY SOURCED GOLD ETF","QPX":"AdvisorShares Q Dynamic Growth ETF","SDCI":"USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund","OUNZ":"VanEck Merk黄金股票基金","PICK":"iShares MSCI Global Metals & Mining Producers ETF","HIDE":"ALPHA ARCHITECT HIGH INFLATION AND DEFLATION ETF","EMCB":"智慧树新兴市场公司债券基金","EDGH":"3EDGE Dynamic Hard Assets ETF","FLLA":"Franklin FTSE Latin America ETF","JDST":"金矿指数二倍做空ETF","PIT":"VanEck Commodity Strategy ETF","FLSP":"Franklin Systematic Style Premia ETF","XME":"金属与采矿指数ETF-SPDR","COMD":"Global X Commodity Strategy ETF","USCI":"美国商品指数基金","ARP":"PMV ADAPTIVE RISK PARITY ETF","ILF":"拉美国家40 ETF-iShares S&P","GOLY":"Strategy Shares Gold Enhanced Yield ETF","BGEG":"Baillie Gifford Emerging Markets ETF","USG":"USCF Gold Strategy Plus Income Fund","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","SGOL":"Abrdn Gold ETF Trust","RPAR":"RPAR Risk Parity ETF","IYM":"基础材料ETF-iShares Dow Jones","GDX":"黄金矿业ETF-VanEck","FTIF":"First Trust Bloomberg Inflation Sensitive Equity ETF","ASET":"FlexShares Real Assets Allocation Index Fund","HGER":"Harbor Commodity All-Weather Strategy ETF","BTGD":"STKD Bitcoin & Gold ETF","TURF":"T. 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Mining juggernaut Rio Tinto notched a 43 per cent jump in profit over the first six months of the year, pointing to persistently elevated metals prices and the ambitious efficiency programme it launched in 2025.Glencore – the world’s largest miner that also boasts an enormous commodity trading arm – said its trading division made $2.9bn (£2.4bn) between January and July, putting it on track to eclipse its annual record $6.4bn haul in 2022. The wider company generated close to $3.5bn, nearly beating its forecast for the full year in just six months.Rio Tinto boss Simon Trott hailed what he said was “step-change performance” so far this year, pointing to the 75 per cent jump in free cash flow as signs the productivity drive was bearing fruit.\n\nBoth firms, which earlier year were poised to join forces in a $260bn megamerger before the pair abandoned talks in February, have benefited from the twin tailwinds provided by the artificial intelligence roll-out and electrication drive.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoth megatrends have have prompted enormous rises in the spot price of base metals like copper and precious metals like silver. Copper prices have risen by more than 66 per cent since 2023 despite mining juggernauts racing to bolster supply. Glencore and Rio both posted higher production. The former posted a 15 per cent jump in copper output having set out a plan nearly to double its annual production of the red metal in the next decade. Output at Anglo-Australian juggernaut Rio rose by three per cent year on year.Volatility caused by the Iran war was the core force contributing to Glencore’s near-record half for its marketing division, which specialises in trading commodities. The whipsawing of developments in the Middle East led to higher trading volumes, acting as a major leg up for the Swiss firm. Shares popped more than 4.4 per cent at market open in London.\n\nBoss Gary Nagle pointed to higher production volumes in zinc, nickel and gold as helping the miner’s “strong production performance” in the first six months.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2655486857","isCrawlerRequest":true}