• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

More Info

Premium Content

Glencore Trading Profits Spike Despite Decreased Copper, Zinc, And Lead Producti

  • Glencore reports lower copper, zinc, and lead production.
  • Operational issues have hit Glencore over the past half, with downturns in the production of many of its primary commodities.
  • The commodity giant said the half-year results were in line with expectations.

Glencore saw its output in copper, zinc, lead and nickel dip this morning as it struggled with a downturn in production but said it expects to exceed its long-term annual guidance – with trading profits reaching as high $4B (£3.1bn).

The commodity giant said the half-year results were in line with expectations, with its full year production guidance remaining unchanged.


It expects earnings before interest and tax (EBIT) to hit the top end of its guidance, between $3.5-4.0 billion (£3.1bn).

Chief Executive Officer Gary Nagle, said: “We are pleased to report a solid first-half production performance from our underlying base business, where our key copper, coal and zinc assets performed in line with expectations and previously communicated guidance.”

Nickel production, at 46,400 tonnes, was 20 per cent lower year-on-year, with the firm noting the impacts of a strike at its Raglan mine in 2022.

The closure of its Matagami mine also impacted own sourced zinc production which, at 434,700 tonnes, was 10 per cent lower year-on-year. Glencore said this also reflected the cessation of its South American zinc operations.

Copper, at 488,000, was down 4 per cent.

Cobalt – which the firm produces from Katanga in the Congo – saw an upturn of 5 per cent, which it said were as a result of improved recoveries in its Congo-based operations.

Nagle said: “Our full year production guidance remains unchanged from earlier guidance. Second half volume weightings in copper, zinc and nickel reflect higher expected production volumes from Collahuasi, Kazzinc, Mount Isa and INO.”

Operational issues have hit Glencore over the past half, with downturns in the production of many of its primary commodities.

It comes after Russia’s invasion of Ukraine last-year caused commodity prices to surge to their highest levels since 2008, prompting record profits.

The company said today that this wild market volatility had now normalised, which would impact profitability.


“In our marketing segment, progressively through 2023, the particularly elevated commodity market imbalances and volatility levels that prevailed through much of 2022, have largely normalised, which, while clearly impacting profitability, has allowed for the release of some of the investment made in non-RMI marketing working capital in 2022,” Nagle said.

By Guy Taylor via CityAM

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News