Commodities giant Glencore PLC (GLEN.LN) Thursday upgraded its full-year earnings guidance for its trading business, though poor weather marred first-quarter metals output from its mining operations.
Glencore said it would report marketing earnings before interest and taxes--a closely watched measure of the company's performance--in a range of $2.3 billion to $2.6 billion, having originally forecast marketing EBIT of $2.2 billion to $2.5 billion.
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On the production front, the Switzerland-based company said copper output from its own operations fell 3% to 324,100 metric tons in the first three months of the year from the same period last year while nickel production fell 10% to 24,900 tons.
In contrast, zinc output rose 9% to 279,200 tons.
Coal production also improved, up 4% to 30.9 million tons.
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(END) Dow Jones Newswires
May 04, 2017 03:12 ET (07:12 GMT)