Glencore raises trading profit forecast and plans ASX listing

Glencore has raised its earnings forecast for its marketing and trading business, citing an increase in short-term saleable inventories as a primary driver. The commodities giant now expects an adjusted EBIT of over $5 billion for the trading segment this year, up from the previous guidance of approximately $4.9 billion.

The company also adjusted its long-term outlook, projecting a long-term adjusted marketing EBIT between $2.8 billion and $4.2 billion, compared to the prior estimate of $2.3 billion to $3.5 billion. This segment accounts for roughly 25 percent of the group’s total adjusted EBIT.

Additionally, Glencore announced plans for a secondary listing on the Australian Securities Exchange (ASX), scheduled to commence on October 14.