Lates News

Glencore's performance report shows that the company's profits have significantly increased, primarily benefiting from the rise in core commodity prices and its trading division experiencing one of its best performances in recent years. The surge in energy prices due to the conflict in Iran has led to severe fluctuations in the global commodity market, bringing additional gains to Glencore. The company reported core earnings of $10.1 billion for the first half of the year, an 86% increase compared to the same period last year. Glencore announced that it will return an additional $1.5 billion to shareholders, including $1 billion in special dividends and $500 million in share buybacks. The turmoil in the energy market caused by the Middle East conflict has unexpectedly benefited commodity trading companies. Meanwhile, this situation has also boosted the coal business, which is one of Glencore's largest profit sources. Additionally, copper prices hit an all-time high in the first half of the year, driven by multiple factors, including the rapid development of the artificial intelligence (AI) industry and the impact of trade tariffs. Glencore also stated that it will apply for a secondary listing in Australia.