Get Premium Data for Cyber Monday: Up to 55% Off InvestingProCLAIM SALE

Glencore reports mixed production results in Q1, reiterates full-year outlook

Published 2024/04/30, 14:26
© Reuters.
HG
-
GLNCY
-
NICKEL
-
CBDc1
-

Glencore (OTC:GLNCY) announced on Tuesday that it anticipates profits from its trading division to hit the upper end of its long-term guidance range this year, fueled by high commodity prices and elevated interest rates.

Shares fell 0.2% in London trading.

The company projects its full-year marketing earnings before interest and tax (EBIT) to be between $3 billion and $3.5 billion, approaching the top of its usual forecast of $2.2 billion to $3.2 billion.

Still, Glencore's full-year production forecast remained unchanged.

“Glencore maintained its production guidance for FY24 and has provided the usual 1H vs 2H weighting, implying a modest volume skew towards the second half of the year for cobalt, zinc and nickel,” analysts commented.

In the first quarter, the company reported a slight 2% decrease in copper production to approximately 239,700 metric tons compared to the previous year, though it noted a 2% production increase on a like-for-like basis.

Glencore also reported mixed results in the production of materials critical for electric vehicles.

Cobalt production saw a significant drop of 37%, while nickel production increased by 14%. Meanwhile, production levels for zinc and coal were in line with the prior year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.