Glencore’s all about oil right now, from crude to Extra Virgin
London — Glencore’s got oil trading covered these days, from the crude that drives the global economy to the dressing for your side salad. The world’s biggest commodity trader which shocked energy market watchers this month with an $11bn investment with partner Qatar in Russian oil producer Rosneft, has been working at the other end of the scale by quietly building a two-person desk trading olive oil in Madrid. Glencore is better known in commodities for dealing in big markets such as coal, copper, crude and wheat. But the Zug, Switzerland-based company also trades niche products from vanadium to chickpeas. The olive oil desk opened in the capital of the largest producer of the commodity about 18 months ago. While a spokesman for Glencore confirmed the information, the business is so small it does not rate a mention on the company website. Yet there is money to be made from trading in increasingly volatile markets for the Mediterranean staple as olive trees have been affected by mor...
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