Glencore - Q1 2026 production report
Glencore reported that its first quarter 2026 production was largely in line with expectations, with full-year guidance unchanged. Key highlights include a 19% increase in own sourced copper production to 199 600 tonnes, despite declines in cobalt, zinc, nickel, gold, silver, and steelmaking coal. The company anticipates margin expansion driven by higher commodity prices, with energy marketing segment EBIT expected to surpass the long-term guidance of USD2.3-3.5 billion. Production guidance remains stable, with copper, zinc, nickel, steelmaking coal, and energy coal expected to be within the previously announced ranges. Notably, DRC cobalt exports are subject to a quota system until at least 2027, with exports expected to normalise over the year.
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