Glencore International profits fall 43% in commodities decline

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The Swiss group, which boasts scores of multi-millionaire traders, said recovery was kicking in but markets were likely to remain volatile.

"Current trading is in line with expectations and meaningfully ahead of the same period last year," it said. "Many of the factors which drove the recovery in demand and pricing in 2009 should continue in 2010.

"However, we are mindful of the ongoing reporting of mixed economic data and slower recoveries in certain parts of the world economy, which in all likelihood, will lead to continued market volatility."

Weak commodity prices last year sent net profit down to $2.72 billion (£1.8 billion) from $4.75 billion (£3.18 billion) in 2008.

Net debt, taking into account readily marketable inventories, fell to $10.2 billion (£6.84 billion) from $11.5 billion (£7.7 billion) and the company had $3.8 billion in cash and undrawn facilities.

In December Glencore, which has a 35% stake in mining group Xstrata, issued $2.2 billion (£1.48 billion) in convertible bonds, one step towards a possible public listing that could value it at more than $35 billion (£23.47 billion).