FX.co ★ Glencore Q1 Production Of Copper, Cobalt Down, Nickel Rises; Backs FY24 Production View

Glencore Plc, the multinational commodity trading and mining company, reported a drop in its first-quarter production of copper and cobalt compared to last year. In contrast, the production of zinc and coal was consistent with the previous year's data, while nickel production showed an increase.

The company currently anticipates its full-year Marketing Adjusted EBIT to be within the $3.0 billion to $3.5 billion range. This is in keeping with the upper limit of its long-term projected range of $2.2 billion to $3.2 billion per year.

In its production prediction for the full year, Glencore anticipates a copper output of 950 thousand tonnes to 1.01 million tonnes, which is analogous to the previous year's production of 1.01 million tonnes.

In the first quarter of this year, Glencore’s own sourced copper production was 239,700 tonnes, a decline of 2 percent from last year's 244.1 thousand tonnes. However, it reported an increase by 2% on a like-for-like basis.

The company’s own sourced cobalt production was 6,600 tonnes, dropping by 37 percent from last year. This mainly reflects planned lower production at Mutanda due to the current weak cobalt pricing environment, as well as mill downtime at its subsidiary, KCC.

Glencore's zinc production, at 205,600 tonnes, remained consistent with last year's output, while gold production saw a 7 percent surge to 201,000 ounces.

There was a noticeable increase in the company's nickel production, which was 23,800 tonnes - 14% higher than the previous year. This rise can largely be attributed to the recovery from supply chain constraints in the base period.

Meanwhile, the production of ferrochrome took a hit, falling 26% to 297,000 tonnes. However, coal production, standing at 26.6 million tonnes, remained broadly within the bounds of the previous year's levels.