Miner and commodity trader Glencore produced 13% more copper in the H1 of this year, in line with market forecasts, boosted by output growth at its African and South American mines.
The London listed company, which is due to report half year results next week, makes almost half of its profit from copper and said that its total copper output using feed from its own sources rose to 741,000 tonnes in the H1 this year. That compares with analysts’ forecasts of 739,000 tonnes to 754,000 tonnes.
Citi analysts said that Q2 production was broadly in line with our forecasts. The production profile for the group is weighted towards the H2 and we therefore expect volume improvements going forward.
Output of zinc, the second largest contributing metal to Glencore’s earnings, fell 11 in the the H1 to 650,400 tonnes while nickel production fell 8% to 49,100 tonnes, as some mines were placed on care and maintenance.
Source – Reuters