On the back of a quick reversal of the 2022 market (pricing) excesses – especially for fossils – Glencore reported weak H1 23 results. The profitability miss was sizeable vs. the street expectations. Fortunately, despite all the challenges, Marketing remained on track to exceed the management’s long-term divisional profitability guidance. Even in Industrial, the firm’s beefed-up unique green metals proposition and plans to finally get rid of thermal coal are critical factors supporting the inves ....
