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Glencore fails to impress

Published: 08:14 03 Nov 2016 GMT

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Digging deep - but Glencore's numbers really failed to impress.

For those investors of a depressive disposition, miner Glencore PLC’s (LON:GLEN) latest trading statement was one to avoid.

It showed declines in output almost across the board.

It is probably worth starting with the notable exception – own-sourced nickel output, which was 20% higher.

Third-quarter production of copper (down 6%), zinc (off 30%), coal (off 11%) and oil (down 25%) failed to impress.

In the report the digger gave guidance for a figure called marketing EBIT (that’s earnings before interest and tax).

Investors have been primed to expect it to be in the order of US$2.5-2.7bn for the year. At the upper end that is in line with what Glencore achieved in 2015.

The shares opened 1% lower at 244.5p, thought they have advanced 170% in the year to date.

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