Glencore Copper Production Drops 11%, Cobalt by Third

Glencore Plc (LON: GLEN) said trading profit will be at the top end of its target this year but posted lower production figures for its first half. The company had nearly $1 billion in earnings before interest and taxes in oil trading in the first six months of 2020, similar to what it made in the full year 2019, Bloomberg reported last week.

In March and April, as oil prices plunged, traders were able to buy and store huge amounts of cheap crude before selling it later at higher prices. Glencore has set lower full-year guidance for the production of nickel and coal. Guidance for copper, cobalt, zinc and ferrochrome remained unchanged.

“Our marketing business has risen to the challenge, delivering robust counter-cyclical earnings,” Glencore CEO Ivan Glasenberg said in a statement Friday. “A very strong first-half performance allows us to now raise our full year 2020 EBIT expectations to the top end of our $2.2-$3.2 billion guidance range”…

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