Daily Management Review

Glencore lowers annual production forecasts for zinc, nickel and coal


When announcing its third-quarter production statistics, the Anglo-Swiss commodities trader Glencore reduced its annual predictions for a number of commodities downward.

The corporation blamed the adverse effects of miners' strikes, floods, and issues with supply chains.

Production decreased in the third quarter, with copper falling by 14% to 770,500 tons, zinc by 18% to 699,600 kilotons, lead by 21% to 136,900 tons, gold by 15% to 504,000 ounces, and silver by 25% to 17,900 ounces, according to Glencore's statistics.

Due to "supply chain interruptions in Kazakhstan, while the entire CIS region suffers the spillover effects" of the situation in Ukraine, Glencore anticipates that zinc production would decrease by 6% for the entire year.

A 15-week strike by Canadian miners and a 10-week walkout by Norwegian miners are estimated to result in a 7% decrease in nickel production. Due to flooding in Queensland and severe rains in New South Wales, Australia, coal production will decrease by 9%.

source: ft.com