Glencore Maintains 2024 Guidance Amid Slight Production Declines

Glencore has reiterated its full-year 2024 guidance, projecting Marketing Adjusted EBIT in the range of $3.0 billion to $3.5 billion, which remains around the top end of the company's long-term guidance of $2.2 billion to $3.2 billion per year. Despite some production declines, the company remains confident in maintaining its projections for the year.

Year-to-date production figures reveal mixed results. Own sourced copper production was 705,200 tonnes, which is 2% lower than the same period in 2023, after excluding 15,000 tonnes from the Cobar operation in the prior period. Own sourced cobalt production dropped to 26,500 tonnes, an 18% decrease compared to 2023. Zinc production from Glencore's own sources was 643,600 tonnes, 4% below last year's comparable period. Nickel production also saw a decline, with 62,300 tonnes produced, reflecting a 9% reduction. Attributable ferrochrome production, however, remained stable at 894,000 tonnes, broadly in line with previous results.