MINING giant Glencore reported a sharp improvement in first-half performance, marking a big switch back into profit.
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Glencore, which runs major employers Mount Isa Mines and Ernest Henry Mining in Cloncurry, came into being with a mega-merger last year, said it had made a net profit of $US1.72 billion ($A1.86 billion) during the first half of 2014, up from a $US9.39-billion loss a year earlier.
On the back of the positive outlook, copper prices notched their biggest daily gain of the year on Wednesday, with Glencore's optimistic comments spurring investors to buy the metal ahead of key manufacturing data from China.
Glencore gave a bright view of the copper market, forecasting strong demand from both China and the West in the second half.
The company acknowledged that commodity prices remained low, but stressed that this was not due to weak demand but rather excessive supply - a trend it anticipated would soon turn.
Glasenberg pointed out that prices for nickel and zinc had already increased significantly since the beginning of the year, adding that he expected most other commodities, with the exception of iron ore, to soon follow suit.
Copper output meanwhile jumped 13 per cent to 714,000 tonnes, while Glencore's crude oil production soared 41 per cent to 14 million barrels.
Following the news, the company saw its share price rise 0.39 per cent to 360.45 pence in morning trading on the London stock exchange.
* Full story in tomorrow's paper.