Glencore, the Swiss commodities giant, sought formal waivers from its board of directors to allow traders to take positions beyond their usual limits as the US-Iran conflict sent energy and metals markets into turmoil. This request came at the start of the war, a period of extreme volatility when standard risk limits appeared to be obstructing opportunities rather than protecting against them. The group generated approximately $3.3 billion in earnings before interest and taxes in the first half of 2026 alone, already surpassing its trading profits for the entire year of 2025. If market disruptions continue into the second half of 2026 at a comparable intensity, Glencore is on track for one of its most profitable trading years on record. The company’s ability to move physical commodities across its global logistics network has become a significant competitive advantage in an environment where that network is under stress.
Source: Read the original article
