Glencore expects its trading arm to hit the top end of its operating income target this year, the commodities giant said on Friday, after it took advantage of oil market gyrations caused by the COVID-19 pandemic. A large trading division makes the Switzerland-based group more resilient than most miners during commodity downturns. The trading arms of oil majors such as Royal Dutch Shell, Total and Eni have all reported bumper profits by storing oil when prices plunged earlier this year and then selling later at higher prices, profiting from what is known as a contango market structure. Glencore’s trading, or ... (full story)