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Glencore 2013 Profit Rises 20% as Copper Production Gains

Glencore Xstrata Plc, the global commodity trader and metals producer run by billionaire Ivan Glasenberg, said profit advanced 20 percent last year after copper output increased and costs fell.

Adjusted net income rose to $3.67 billion, from $3.06 billion, the Baar, Switzerland-based company said today. It reported a 23 percent drop in pro-forma adjusted net income of $4.58 billion, described by Citigroup Inc. as an “exceptionally strong” result, exceeding its $4.01 billion estimate.