- Mining firm Glencore upgraded its outlook on earnings after reporting strong results from its trading business amid rising commodity prices, but cut its coal, zinc and nickel production forecast for the full-year.

'Our marketing business has again performed well, with constructive market conditions allowing us to raise our full year 2021 EBIT expectations to the top end of our $2.2-$3.2 billion p.a. guidance range,' the company said.

For 2021, zinc production was cut to 1,170kt, give or take 30kt, from 1,250kt, give or take 30kt. Nickel was cut to range of 100kt to 110kt from 112lt to 123kt. Coal output was cut to range of 100mt to 108mt from 109mt to 107mt.

Guidance for lower zinc output was due to a lengthier expected ramp-up at the recently-commissioned Zhairem mine in Kazakhstan while extended maintenance at the Koniambo nickel plant was expected to weigh on nickel production.

While coal production was expected to suffer on account of export rail constraints and weaker domestic demand in South Africa and a slower recovery from the Australian market-driven supply reductions initiated in H2 2020/

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