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Glencore reports lower commodity output after production cuts
[BRUSSELS] Commodity miner and trader Glencore on Wednesday reported a fall in output of copper, zinc, lead, coal and oil following a decision to cut production because of low prices.
It said full-year production guidance was unchanged, except for oil, where reductions in exploratory drilling would mean 0.3 million barrels less output than previously expected.
Copper production was 4 per cent lower for the first quarter versus a year ago, reflecting reductions in Africa, though partly offset by higher output from South America, the group said in a statement.