Glencore Plc said full-year profit from its trading business will probably be in the range of $3.5 billion to $4 billion as the commodity giant heads for another bumper year.

Calmer markets this year have meant that commodity traders are unlikely to replicate the blowout profits they reaped in 2022 during the wild swings following Russia’s invasion of Ukraine. However, the chaos of last year also tied up larger-than-normal levels of working capital, which Glencore said Friday it’s now able to release.

The latest forecast falls short of the record $6.4 billion Glencore’s traders made in 2022, but is still well above the company’s long-term guidance range for the unit of $2.2 billion to $3.2 billion in core profit.

The commodity-trading industry experienced a blockbuster year in 2022, as the disruptions caused by Russia’s invasion of Ukraine sent prices and volatility soaring. But while the turmoil helped fuel record profits for trading houses, big daily price swings also became a liability, with exchanges and brokers demanding more and more cash to place and maintain trades.

Glencore has already beaten its long-term target for trading profit for three straight years, which has prompted questions from analysts and investors about whether it should be adjusted. Senior executives have said previously that they plan to wait for markets to normalize before making any changes to the range.

In addition to its sprawling trading business, Glencore is also one of the world’s biggest miners. The company reiterated its full-year production targets, with output seen rising for copper, zinc and nickel in the second half.

(Updates with details throughout.)