Glencore PLC (OTC:GLCNF) provided production updates for the nine months ended FY23.

The commodity trader and miner reported its own sourced copper production of 735,800 tonnes in year-to-date FY23, down 5% Y/Y, due to the sale of Cobar in June 2023 and lower copper by-product production outside the Copper department.

Its own sourced zinc production fell 4% Y/Y to 672,100 tonnes owing to 2022 disposals of South American zinc operations and the closure of Matagami operations.

The company's own-sourced nickel production was down 16% Y/Y to 68,400 tonnes due to higher INO third-party production (vs. own-sourced), mainly on strike at Raglan mine in 2022.

FY23 Outlook: The company cut its nickel production guidance to 102kt (+/- 4kt) and Ferrochrome outlook by 8% to 1,200kt (+/- 30kt).

In the Marketing segment, the company continues to expect full-year 2023 Adjusted EBIT outcome above the top end of its $2.2-3.2 billion p.a. long-term guidance range, with a likely outcome within the previously communicated $3.5-4.0 billion range.

Gary Nagle, CEO said, "Full year 2023 production guidance for copper, zinc, coal and cobalt remains in line with previous guidance, however nickel has been reduced to reflect, within the INO business, maintenance outages at the Sudbury smelter and a longer than expected recovery from 2022 strike action, together with a lower full-year revision for Koniambo."

"Ferrochrome production has also been marked lower, due to additional smelter off-line days on account of electricity pricing and load curtailments in South Africa, however chrome ore mining production is expected to only be modestly below 2022 levels."

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Price Action: GLCNF shares traded higher by 1.87% at $5.45 on Friday.