Glencore PLC (LON:GLEN) shares were in the red as it raised its full-year marketing guidance for underlying earnings (EBIT) but reported a decline in the third quarter production of some commodities.
The miner lifted its marketing EBIT guidance to US$2.8bn from US$2.6bn as commodity prices recovered.
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Production of copper, nickel and oil fell in the third quarter but Glencore said this would not impact full year earnings.
Shares dropped 1.23% to 362.70p in morning trading.
Copper output dropped 11% year-on-year in the quarter to 946,500 tonnes, in part due to the sale of a US$880mln stake of its Ernest Henry gold and copper mine in Queensland, Australia in August last year.
Output was also hit by smelter maintenance at Mount Isa in Australia, reduced throughput at the Mutanda mine in the Democratic Republic of the Congo due to power interruption at Mopani, end of mine-life production declines at the Alumbrera mine in Argentina and the timing of lower copper grades at the Antapaccay operations in Peru.
Nickel production fell 2% to 80,700 tonnes as a result of maintenance at the Sudbury Integrated Nickel Operations (INO) and the Murin operations in Australia along with a higher proportion of third party feeds in INO's metallurgical mix.
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Glencore's oil entitlement production interest of 3.9mln barrels was 36% lower than the previous year, reflecting natural field declines, having only restarted drilling in Chad, Africa in the second half of this year.
The company said the trend in Chad is expected to improve as the results from the single-rig drilling campaign start to be realised.
Coal production of 91mln tonnes and attributable ferrochrome production of 1,107,000 tonnes was flat as industrial action in New South Wales and heavy rainfall in Columbia offset increase from productivity improvements and Glencore's higher equity share in certain mines.
Zinc production was up 5% to 827,400 tonnes while attributable ferrochrome production was flat at 1,107,000 tonnes.