Glencore expects its full-year trading profits to surpass long-term guidance

July 21, 2023 09:50 AM PDT | By Invezz

Glencore expects its full-year trading profits to surpass long-term guidance — Image source: Invezz

Glencore’s guidance for the full year

The Anglo-Swiss multinational expects the said business that includes oil, liquified natural gas, coal, and related products to bring in up to $4.0 billion in adjusted EBIT in 2023.

Glencore noted a decline in nickel, zinc, and copper production in the first half of the year but expects significant recovery in H2. Gary Nagle – the Chief Executive of Glencore PLC said in a press release today:

In our market segment, progressively through 2023, the particularly elevated commodity market imbalances and volatility levels that prevailed through 2022, have largely normalised.

Year-to-date, Glencore shares are down nearly 20% at writing.

Glencore could benefit from EV adoption

Glencore said copper production was down 10% in the first six months of this year. But it still expects to produce 1.04 million metric tons of copper in 2023. CEO Nagle added in the press release:

Second half volume weightings in copper, zinc, and nickel reflect higher expected production volumes from Collahuasi, Kazzinc, Mount Isa and INO.

Experts anticipate demand for copper and cobalt to remain strong in the coming years as the world continues to shift to electric vehicles.

The news arrives about a month after Glencore PLC said it wanted to buy the steelmaking coal business of Teck Resources as a standalone unit as Invezz reported here.

The post Glencore expects its full-year trading profits to surpass long-term guidance appeared first on Invezz.

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