Glencore, a commodities production and trading giant, expects its marketing division to post a profit of $3.3 billion in the first half of the year, as sharp market volatility during the war in Iran has generated windfall profits for energy commodities traders. The company will release its detailed half-year results next week, at which time the specific contribution of energy trading to profits will be clarified. If volatility in the energy markets persists, Glencore’s trading profits this year are expected to reach a record high.