By Michael Susin

Glencore PLC on Friday cut its 2022 output guidance for copper, while keeping its production outlook on other commodities unchanged.

The commodity mining and trading company reduced copper guidance to around 1.06 million metric tons from 1.2 million tons, reflecting continuing technical constraints at Katanga's open pit in the Democratic Republic of Congo and lower run-rate at Australia's Mount Isa Copper due to Covid-related issues.

The company said that cobalt, nickel and ferrochrome production levels improved, driven by the Cerrejon mine in Colombia, reflecting its full ownership from early January.

Glencore said its performance in industrial and marketing were robust in the second quarter, driven by strong energy markets.

"Allied with the strong results, particularly in marketing and mostly energy related, our net working capital has significantly increased during the period, in line with materially higher oil, gas and coal prices, and their elevated market volatilities," the company added.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

July 29, 2022 02:41 ET (06:41 GMT)

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