Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Glencore reduced its annual copper production guidance range to 1.22-1.29mn mt from the previous range of 121-1.3mn mt. 


The company’s zinc guidance remains unchanged in the range of 1.19 – 1.13mn mt. However, its nickel guidance range has dropped to 118,000 – 110,000mt from the previous range of 127,000 – 117,00mt in 2020.  


Despite temporary shutdowns due to the COVID-19 pandemic, Glencore’s operational performance in the first half of the year has remained strong, it said in a statement. Although cash flow is expected to remain solid, it still plans to make some changes adhering to market conditions. 


The firm’s total copper production in the first six months of the year fell by 10pc to 539,300mt as opposed to 601,000 mt in H1 2019. However, in the second quarter, copper production saw a 13pc hike to 272,400mt from 311,400mt in Q2 2019.  


Total zinc production in H1 2020 rose 3pc to 496,800mt compared to 484,500mt in H1 2019 while its Q2 zinc production saw a 4pc decline to 238,100mt from 246,900mt in the prior-year period. 


Glencore’s nickel production in the first half of the year was almost flat at 55,200mt compared to 55,400mt in H1 2019. However, in the quarter, production dipped 5pc to 27,000mt from 28,300mt during the same period in 2019. 

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