S P Angel, meanwhile, says Glencore's commodity trading arm should insulate the group from lower commodity prices in the mining division, where "solid production numbers" should also serve to offset lower prices. The broker forecasts EBITDA of US$5.9bn, and expects projected merger synergies to rise to US$1bn from initial estimates of half that amount. However, it predicts the group will grit its teeth and make write-downs of US$5 - 10bn on its nickel, zinc and coal assets.