Commodities giant Glencore hit the highest in almost a decade, driven by rallies in everything from metals to coal and optimism for a years-long supercycle.
The world’s biggest commodity trader surpassed its 2018 intraday peak on Tuesday, valuing the Swiss company at about $74 billion.
draws more investors into commodities, many analysts forecast prices to remain high. Goldman Sachs Group said that a commodities supercycle has the potential to last for a decade. that Glencore is among companies that bigger rival BHP Group is evaluating as it positions itself for a return to large-scale M&A. The stock has jumped about 50% in the past year.
While Glencore underperformed its peers in recent years as it missed out on an iron ore surge that boosted earnings for rivals like Rio Tinto Group, it’s now cashing in on higher coal prices. The fuel hit a record in October amid the energy crunch and Glencore is the world’s biggest shipper of the commodity.
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