Analysts and investors usually hang on the lips of Glencore CEO Ivan Glasenberg at the group’s results presentations to hear where one of the world’s top commodities traders thinks commodity prices are headed.Glencore and South32, both with a significant exposure to energy and industrial metals, have reported lower profits for their recent financial periods because of weak prices.But they are showing strong cash generation and their optimism about current conditions, after a general firming in commodities since February/March, is reflected in their dividend policies.South32 declared its first dividend and Glencore said it could resume dividend payments at the end of its current financial year.Both companies are coming back into favour with investors because industrial metals are usually early beneficiaries of an upturn in the commodities cycle.South32 has more than doubled since its January low of R10.25 while Glencore has run from R15.41 last September to above R33. If the cycle co...
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