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Glencore Plans New Buyback as Trading Profit Disappoints

  • Company to repurchase at least $2 billion of shares this year
  • Glencore’s trading profit dropped to the lowest since 2013
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Glencore Plc reported its weakest trading profit in five years and missed analysts’ earnings estimates, even as the mining giant promised to increase its rewards to shareholders after a tough year.

The disappointing performance in the trading unit is a blow for Glencore, which has always said its traders can make money in any kind of market. The company touts the unit as a differentiator from other big miners, cushioning the ups and downs of the commodities cycle.