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.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Gold trades in tight range as market focuses on US economic data
Anglo American says it received unsolicited buyout proposal from BHP
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish
Gold edges down as Middle East worries ebb
Oil rises as dollar slips, focus shifts to economic data