Commodities giant Glencore reported a surge in first-half earnings as its energy and metals traders capitalized on volatile energy markets.
Conflict in the Middle East has disrupted energy and freight markets, shifting trade flows and widening regional price differentials. That's created substantial trading opportunities.
Glencore said Wednesday that adjusted earnings before interest, taxes, depreciation and amortization jumped 86% to $10.1 billion in the first half of the year. Earnings rose 142% at its marketing division, which houses its traders.
Higher coal and copper prices also helped boost earnings at the company's industrial business, which extracts, processes and refines metals and minerals.
Glencore's London-listed shares rose more than 3% on Wednesday.
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