Listen to this article
Glencore has increased earnings guidance for its powerful trading arm.
In a first quarter production update the FTSE 100 company said it expected its marketing business to generate earnings before interest of $2.3bn to $2.6bn this year, against an earlier forecast $2.2bn to $2.5bn.
The marketing business sets Glencore apart from its peers and is closely followed by investors because of the amount of cash it generates. It ships millions of tonnes of metals, oil and other commodities around the world.
Glencore did not provide any commentary about the performance of the unit in the update, which showed output from its mining division had been impacted by weather events, including Cyclone Debbie in Australia and flooding in Peru.
In spite of those disruptions, Glencore made no changes to its production guidance for 2017.