Glencore sees bumpy road

Commodity trader Glencore, which recently took first steps towards a possible stock market flotation, warned of a bumpy recovery after posting a 43 per cent fall in 2009 net profit on weak prices hit by the downturn.

The Switzerland-based group, which has a 35 per cent stake in mining group Xstrata, said yesterday recovery was kicking in but markets were likely to remain volatile.

"Current trading is in line with expectations and meaningfully ahead of the same period last year," it said.

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Glencore, the world's top commodity trader, said weak commodity prices last year sent net profit down to 1.82bn from 3.18bn in 2008. However, profit in second half was 43 per cent higher than in first six months.

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