Although acute market volatility translated into an H1 bonanza for trading, Glencore’s COVID-19 vulnerability came to the fore as industrial reported losses, and sizeable impairments were recognised. Moreover, the 2020 dividends were suspended to expedite deleveraging. As market uncertainties are expected to persist, trading’s performance cushion should be maintained, and provide valuable time for industrial to revert to normalcy. Remember, as most commodity prices have recovered
