Glencore Metals Traders Made Record Profits as Energy Cratered

Glencore Plc’s metals traders just notched up their best half-yearly performance on record, yet their energy and coal-trading peers struggled to even turn a profit.

The results highlight the differing fortunes of the two markets: in metals, physical traders have been enjoying the best conditions in a generation, as President Donald Trump’s threat of tariffs spurred a giant premium between US and global copper prices, while tight markets for semi-processed concentrates and soaring precious metals prices have also inflated trading profits.

Meanwhile, energy traders have struggled with markets that have been whipsawed by geopolitical events. Glencore earned just ...