The shares breached 530 pence in London on Monday after surging 42% this year. It’s a level Glencore, the world’s biggest commodities trader, had at times looked unlikely to ever regain.
The milestone also caps a strong 12 months for Glencore itself. The company in February reported record earnings, announcing $4 billion in dividends and buybacks. The trading house said it expects to resolve long-running corruption probes by U.S., U.K. and Brazilian authorities this year. For years, Glencore’s shares also underperformed many of its biggest rivals, as the company missed out on rising prices for iron ore — which it doesn’t produce — and investors were deterred by sprawling anti-corruption investigations.
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