Glencore (OTC:) said Tuesday it expects earnings at its trading unit to reach the top end of its long-term guidance range this year, helped by high commodity prices and elevated interest rates.
Shares fell 0.2% in London trading.
The company forecast its full-year marketing earnings before interest and taxes (EBIT) to be between $3 billion and $3.5 billion, near the top of its normal guidance of $2.2 billion to $3.2 billion.
However, Glencore’s full-year production forecast remained unchanged.
“Glencore maintained its FY24 production guidance and provided the usual 1H and 2H weightings, implying a modest volume bias towards the second half of the year for cobalt, zinc and nickel,” analysts commented.
In the first quarter, the company reported a slight 2% decline in production to approximately 239,700 metric tons compared to the prior year, although it noted a 2% increase in production on a comparable basis.
Glencore also reported mixed results in the production of materials important for electric vehicles.
Cobalt production fell significantly by 37%, while nickel production increased by 14%. Meanwhile, zinc and coal production levels remained at previous year levels.