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Glencore reveals higher profits

Glencore, the Swiss commodities trader, which is being closely watched ahead of a possible listing later this year, saw its profits rise by 40 per cent to $3.8bn (£2.3bn) in 2010 as higher commodity prices boosted its bottom line.

Revenues were also higher, climbing by 36 per cent to $145bn. The strong figures come as the market awaits further news on the group's listing plans after hopes were raised when top Glencore managers, including chief executive Ivan Glasenberg, briefed City analysts inLondon this week.