Glencore suffered a sharp drop in pre-tax profits in the first six months of trading this year as the boom in commodity prices finally eased. The Swiss mining giant attributed the downturn to the normalisation of wholesale costs, after bumper trading following Russia’s invasion of Ukraine which saw energy prices climb to record highs. In particularly lower coal pricing combined with inflationary impacts on production have eaten into the company’s profits. Energy buyers turned to coal when gas prices soared in a bid for cheaper supplies,…
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