Glencore Raises 2026 Profit Outlook as Commodity Trading Gains From Market Volatility
LONDON, United Kingdom, October 3, 2026, ZEX PR WIRE — Glencore raised its 2026 marketing profit outlook on Friday, saying adjusted operating profit from its commodity trading business is now expected to exceed $5 billion as volatile oil, gas and freight markets boost trading opportunities.
The Swiss mining and commodity trading company had previously guided to a long term marketing profit range of $2.3 billion to $3.5 billion. The revised outlook reflects stronger than expected performance during the first half of the year and continued market dislocations across global energy markets.
Market volatility boosts trading earnings
Glencore’s marketing division benefits from its ability to trade commodities across different regions and supply chains. Volatility in oil, gas and freight markets can create wider price differences and trading opportunities, potentially increasing earnings for companies with large commodity operations.
The company said its marketing business has benefited from disruptions in global energy markets. Glencore generated a record $6.4 billion in adjusted operating profit from the division in 2022, when the Russia Ukraine war caused major disruptions across commodity markets.
The latest upgrade therefore highlights how elevated commodity volatility can create both risks and opportunities for trading focused companies.
Higher inventory values change long term outlook
Glencore also introduced a new long term guidance framework beginning in 2027. The company expects annual marketing adjusted operating profit of about $3.5 billion, within a range of $2.8 billion to $4.2 billion.
The new framework takes into account higher readily marketable inventories and elevated funding costs. Glencore said readily marketable inventories have increased as commodity prices, inflation and the overall scale of its business have grown.
For investors, the distinction between near term and long term earnings is important. The upgraded 2026 forecast reflects unusually strong market conditions, while the new framework provides a more normalized view of the trading business.
Glencore also confirmed that trading in its CHESS Depositary Interests under its secondary Australian Securities Exchange listing is expected to begin on October 14.
The company’s latest outlook puts commodity trading back in focus for investors assessing mining and energy companies as elevated prices, supply disruptions and geopolitical uncertainty continue to influence global markets.
