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).

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now