Half Year Results 

Glencore: not created equal

Glencore: not created equal

“Not all commodities are equal” was the message Glencore (GLEN) wanted to impart with its half-year numbers. The contention: that its portfolio of mid- and late-cycle commodities is better mapped to the changing demand patterns of “key emerging markets” than its peers. The subtext: don’t be too impressed by the current profitability of iron ore-focused rivals Rio Tinto (RIO), BHP Billiton (BLT) and Anglo American (AAL).

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