That would be the second-highest half-year result since the record profits of 2022, and roughly $1bn above analysts’ expectations, reported the Financial Times. Glencore is already within reach of the top end of its $3.5bn annual target, though it gave no updated full-year guidance. Rivals have posted similarly strong results: Trafigura reported profit of $4.1bn for the six months to March and paid a record dividend, while Mercuria’s net profit doubled over the same period to its second-highest first-half total ever. Glencore also reported copper production up 15% year-on-year, though it trimmed steelmaking coal guidance and said copper costs ran higher than expected. Glencore reports full first-half results next week.