Glencore, the world’s largest publicly traded commodities house, painted a weak outlook for raw materials prices this year, saying supply of iron ore, oil and food commodities is likely to run above demand. Chief Executive Officer Ivan Glasenberg said global economic growth — traditionally the main driver of commodities consumption — remains lackluster. “The gradual process of normalization following the financial crisis has continued, but at a slower pace than many expected,” Glasenberg said in an earnings statement on Tuesday. “Some of the most important legacies of the crisis continue to drag on, including those relating to Europe.” The views of Glencore are closely watched in the commodities market as the company operates one of the largest trading operations in the world, spanning raw materials from copper to soybeans, oil and sugar. The Baar, Switzerland-based company was particularly bearish about iron ore, saying the market for the […]