Glencore ups expectations for trading, cuts coal guidance

LONDON (Reuters) – Swiss-based Glencore said a stellar performance in trading would see it hit the top end of guidance for the year but posted lower production figures for its first half.

Copper output fell 11% to 588,100 tonnes for the six months to June 30 while cobalt output was down 33% to 14,300 tonnes owing to the closure of the Mutanda mine in Democratic Republic of Congo.

Glencore stuck to its full-year expectations for most of its commodities including copper and cobalt but said it expected to mine 14% less coal mainly due to the continued closure of its Prodeco operation in Colombia.

The marketing division, which sets Glencore apart from its mining peers, is now expected to be at the top end of the $2.2-$3.2 billion range this year.

(Reporting by Zandi Shabalala; editing by Edmund Blair and Jason Neely)