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Glencore raises trading division forecast

Published 05/04/2017, 12:47 PM
© Reuters.  Glencore raises trading division forecast
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  • Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY) raises its FY 2017 operating profit forecast for the trading division by $100M to $2.3B-$2.6B from its earlier outlook for $2.2B-$2.5B.
  • Glencore says Q1 copper production fell 3% Y/Y, citing lower grade quality in some mines as well as flooding in Peru and higher than average rainfall in Democratic Republic of Congo, but the trading unit's upward revision suggests results for the full year may not suffer.
  • BMO Capital, which rates Glencore shares at Market Perform, says the higher trading guidance is positive and catching up to reach full-year production targets is possible since much of the Q1 shortfall was weather-related.
  • Now read: China's Green Vehicle Revolution To Reshuffle The Cards For Cobalt


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