Slowdown in China

In presenting the results, he said that all the company’s markets are weak, especially China, where the delay is much more serious than expected. In his words, at the moment no one can read what is happening in China. Slowing economic growth in Asian countries to their lowest levels of the fourth century led to a collapse in the prices of raw materials such as copper to six-year low. Combined with the fall in oil prices this reflects very badly on big mining companies.

Glencore’s net profit fell to 882 mln. USD against 2.01 billion. For the same period of 2014. After taking into account and writedowns of assets, the company is left with a net loss of 676 million. Dollars.

Profit commercial business group decreased by 27% to 1.07 billion. Dollars for the first half. This is due to the decrease in premiums for the supply of metals such as aluminum and nickel, thanks to which the division achieved good results last year. For the full year Glencore predicted commercial business to achieve earnings before taxes, interest and depreciation of 2.5-2.6 bln. Dollars. This is a significant decrease from the projections made in December to gain between 2.7 and 3.7 billion. Dollars.