Glencore reports a 30% decline in the first quarter copper production

Glencore reported on Wednesday lower copper production for the first quarter and said that it expects its 2025 trading division profit to be at the middle of the long-term annual guidance.

The miner-trader reported a 30 percent drop in the first quarter copper production, to 167.900 metric tons. However, it maintained its production forecast of 850,000-910,000 tonnes for 2025, anticipating higher output in the coming months.

In the last year, it produced 952 tons of metal that was used for electric vehicle wiring, batteries, green energy plants, and data centres.

Analysts expect a growing demand for transition minerals such as copper, cobalt, and others, due to the move towards electric vehicles and sustainable infrastructure.

It said that the first-quarter cobalt production rose by 44% due to higher grades and volume at its Mutanda Mine, while nickel production dropped 21%.

Glencore expects its full-year marketing profit before interest and taxes (EBIT) to be between $2.2 billion and $3.2 billion, which is in line with the long-term guidance, and $3.2 billion by 2024. This is because commodities markets are still fluctuating due to "U.S. Tariff Newsflow and Uncertainty".

In a press release, the company said that "due to the proposed and implemented tariffs on commodity supply chains it is likely some physical dislocation and reorientation of trade flows will manifest in the coming months."

The trading division's profit, which reached a record of $6.4 billion by 2022, included coal, oil and liquefied gas, as well metals. Clara Denina and Chandini Monnappa reported; Sumana Nidhy, Jan Harvey edited.

(source: Reuters)