While it was widely believed by us that Glencore’s trading expertise would help it (relatively) outperform an ailing mining sector, the recent H1 15 results have trashed those expectations – at least in the near term. H1 sales were down 25% yoy to $86bn due to an across the board commodity price correction – including oil (-46%), coal (-18%), copper (-14%) and nickel (-17%), although volumes were healthy across most commodities (in both mining and trading). Adjusted EBIT plu
