Glencore profit dives 69% as prices for metals, oil slide

London

GLENCORE plc, the commodity trader and miner headed by billionaire Ivan Glasenberg, has reported a 69 per cent slump in profit as prices for metals and oil tumbled.

Adjusted net income slid to US$1.34 billion from US$4.29 billion a year earlier, the Baar, Switzerland- based company said in a statement on Tuesday. That beat the US$1.17 billion average of 15 analyst estimates compiled by Bloomberg.

Profits from the world's biggest mining companies are evaporating as prices for copper, nickel…