- Glencore (OTCPK:GLCNF, OTCPK:GLNCY) reports lower Q1 production of copper and zinc, in line with its promise to reduce output as it seeks to cut costs.
- Glencore says Q1 copper production fell 4% Y/Y to 335K metric tons, reflecting suspensions and reductions in Africa, and zinc production fell 28% to 257.1K metric tons, reflecting announced reductions in Australia, Peru and Kazakhstan, but reaffirms FY 2016 production guidance.
- The company also keeps its current-year earnings forecast for its trading arm unchanged at $2.4B-$2.7B in EBIT; the division generated $2.5B in EBIT in 2015 and is forecast to generate around the same this year, RBC Capital Markets forecasts.