Commodity Trader And Miner Glencore Posts Weak 9M Production, Cuts FY23 Nickel Production Outlook
Portfolio Pulse from Lekha Gupta
Glencore PLC has reported a decrease in its own sourced copper, zinc, and nickel production for the nine months ended FY23. The company has also cut its FY23 nickel production outlook and Ferrochrome outlook. Despite these reductions, Glencore expects its full-year 2023 Adjusted EBIT outcome to be above the top end of its long-term guidance range. The company's shares traded higher by 1.87% at $5.45 on Friday.
October 30, 2023 | 5:16 pm
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NEUTRAL IMPACT
Glencore's decreased production and cut outlooks may negatively impact investor confidence, but the company's expected EBIT outcome above guidance may offset this. The company's shares traded higher by 1.87%.
The decrease in production and cut in outlooks may cause concern among investors, potentially leading to a decrease in stock price. However, the company's expectation of a higher EBIT outcome may offset these concerns, as evidenced by the increase in share price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100