Commodity Price Boom Lifts Rio Tinto and Glencore to Near-Record Profits

Two of the world's largest mining companies, Rio Tinto and Glencore, have posted near-record updates due to high commodity prices. Rio Tinto saw a 43% jump in profit over the first six months of the year, while Glencore's trading division made $2.9bn between January and July.

Rio Tinto boss Simon Trott hailed 'step-change performance' so far this year, pointing to a 75% jump in free cash flow as signs the productivity drive was bearing fruit. The firm has benefited from high prices of base metals like copper and precious metals like silver.

The Iran war has contributed to Glencore's near-record half for its marketing division, which specialises in trading commodities. The whipsawing of developments in the Middle East led to higher trading volumes, acting as a major leg up for the Swiss firm.