Glencore witnessed a tough 2019, with trading (yet again) being the sole support. While weakness in metal industrial was largely due to prices – which should normalise sooner or later, the issue with energy industrial (primarily coal) is more structural in nature. Although 2020 operationally may not be ‘materially’ better vs. 2019 – also due to Coronavirus uncertainties, the expected change in leadership and, hence, new strategic measures could facilitate the much-awai ....