Glencore’s (GLEN) unusual structure – a traditional mining business stapled to a commodities trading house – is often hailed as a natural hedge in a volatile industry. But in 2017, what was invariably good for one was good for the other. Within the industrial segment, higher prices for copper, cobalt and zinc resulted in a 38 per cent cash profit margin in the mining of metals and minerals, up from 33 per cent in 2016.
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