Glencore Adds More Firepower to Its Marketing Division
Dow Jones10-05 15:41
0741 GMT - Glencore is ramping up capital allocation to its marketing division in the wake of the Middle East conflict, Citi's Ephrem Ravi writes. The miner and trader has a 2026 earnings tailwind due to elevated and volatile commodity markets, he says. The company has upgraded its long-term EBIT guidance for the marketing division, which will likely push consensus expectations higher, he adds. The company had $32.2 billion of readily marketable inventories in the unit as of the first half of the year versus $25.4 billion last year, he says. The company could further ramp up capital allocation to the marketing business over the remainder of the year, he says. Shares rise 0.46% to 653.90 pence.
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