Glencore Sees Trading Boost From Middle East Conflict

By Adria Calatayud

Glencore said its trading division could beat a long-term earnings target this year if its first-quarter performance is extrapolated, as the Middle East war is raising costs but boosting commodity prices.

The commodities company said Thursday that higher input costs and a weaker U.S. dollar due to the Middle East conflict are starting to hit its industrial operations, but that it expects stronger commodity prices to make up for the shortfall and potentially result in a margin expansion.

Moreover, an extrapolation of the first-quarter performance of the group's marketing segment would lead its full-year adjusted earnings before interest and taxes to be comfortably ahead of a long-term guidance range of between $2.3 billion and $3.5 billion a year, Glencore said.

The Switzerland-based, London-listed company reiterated its full-year production guidance, including for copper, after it reported first-quarter output that it said was largely in line with its expectations.

Glencore's quarterly copper production jumped 19% on year to 199,600 metric tons.

The company reported lower production for steelmaking and energy coal, down 22% and 2%, respectively, as well as declines for cobalt, zinc, lead, nickel and coal. Silver and chrome ore output rose, it added.

Write to Adria Calatayud at adria.calatayud@wsj.com

(END) Dow Jones Newswires

April 30, 2026 02:53 ET (06:53 GMT)