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Glencore's Trading Profit at Risk From Rout in Commodities

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Glencore Plc’s trading business is at risk of missing its earnings target for this year, if analyst estimates and historical precedent are any guide.

The division may report adjusted earnings before interest and tax of $1.28 billion for the first six months of the year, according to the average estimate of nine analysts surveyed by Bloomberg News. That’s less than half the company’s full-year target of $2.7 billion to $3.7 billion. For the past three years, second-half trading profit has never beat first-half.