LONDON, Nov 1 (Reuters) - Trader Glencore said its closely watched marketing operations performed “strongly” in the third quarter, boosted by trading in agriculture and metals, though it warned tough global economic conditions would not improve any time soon.
“(The third quarter) saw a healthy improvement both year-on-year and sequentially,” Glencore said of its marketing operation, which accounts for a smaller portion of profit than its industrial arm, but is less easily forecast.
“Glencore’s outlook for the remainder of the year in marketing remains positive.”
Glencore said its industrial performance was on track to meet longer-term targets but its Katanga operation in Congo was badly hit by power outages which cost the group 49 days of lost production over the first nine months of the year. Copper production there was up 3 percent over the period.