Glencore Raises Profit Forecast for Commodity-Trading Unit
- Miner and trader increases lower end of trading-profit range
- Copper output fell 10% in the third quarter from a year ago
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Glencore Plc, the world’s biggest commodity trader, improved its earnings forecast for its trading division after coal and zinc prices rallied to the highest in at least four years.
Earnings before interest and tax will be $2.5 billion to $2.7 billion for this year, Baar, Switzerland-based Glencore said in a third-quarter production statement Thursday. That’s a slight improvement on its previous estimate of $2.4 billion to $2.7 billion. The company didn’t give a reason for the revised forecast.