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(Sharecast News) - Glencore cut its production guidance on Thursday as it posted a decline in first-quarter copper output.
Copper production during the quarter fell 9% from the same period a year ago to 293,300 tonnes, while zinc output was up 13% at 295,600 tonnes and nickel production was 4% higher at 28,200 tonnes.
Coal output in the first quarter was down 4% at 31.9 million tonnes, mainly reflecting operating challenges in South Africa and mining sequencing in the Australian coking portfolio, partly offset by higher Australian thermal coal production.
The miner said 2020 copper production is now expected to come in at around 1.26 million tons, down from 1.3 million tons previously, while cobalt output is expected to be 28,000 tons, down from 29,000.
The company also said it will cut capex this year to between $4bn and $4.5bn, from $5.5bn.
Chief executive officer Ivan Glasenberg said that to date, disruptions to Glencore's business from the coronavirus pandemic have been "manageable" and the majority of its assets are operating "relatively normally".
"Some industrial assets have been temporarily suspended, generally in line with national and regional lockdowns. Our updated full year production guidance reflects these impacts," he said.
"A rigorous focus on optimising our asset portfolio has helped to preserve solid levels of overall Industrial Asset free cash flow generation in the current operating environment. Focused cost control, lower energy costs, favourable movements in producer currencies and higher precious metals' by-product credits, have underpinned reductions in forecast full year unit cash costs for our key commodity departments."
2 Jan 2024 17:51
Europe Distillates-Diesel cracks gain in thin trading
LONDON, Jan 2 (Reuters) - Northwest European diesel barge refining margins rose to about $25.70 a barrel on Tuesday amid thin trading activity and as Russian Baltic exports were set rise slightly.
Trades Bids Offers Previous Seller Buyer
Session
0.1 GO Barge
diffs fob ARA
per tonne
<GO-ED-ARA>
0.1 GO Cargo
diffs cif NEW
per tonne
<GO-CND-NWE>
0.1 GO Cargo
diffs cif Med
per tonne
<GO-CND-MED>
50ppm barge
diffs fob ARA
per tonne
<GO50PPM-ED-A
RA>
Diesel Trades Bids Offers Previous Seller Buyer
Session
Diesel barge Jan Jan Shell, Mabana
diffs fob ARA +$10 (2 $6-$8 Gunvor ft,
per tonne barges) Trafig
<ULSD10-BD-AR ura
A>
Diesel cargo Jan
diffs cif NEW +$17
per tonne
<ULSD10-ANYD-
NWE>
Diesel cargo Jan
diffs cif Med +$13
per tonne
<DL-CIFD-MED>
Jet fuel Trades Bids Offers Previous Seller Buyer Session
Jet fuel Jan KLM BP
barge +$78
diffs fob
FARAG
per tonne
<JET-BD-ARA>
Jet fuel
cargo
cif NEW per
tonne
<JET-CD-NWE>
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