(Reuters) – Commodities giant Glencore lowered its full-year production target for copper on Tuesday as it reported a 7 percent drop in first-quarter output for the metal, hurt in part by severe flooding in Australia.
The mining and trading company said quarterly copper production slipped to 320,700 tonnes, while cobalt output jumped 56 percent in the same period.
Glencore, which is being investigated by the U.S. Department of Justice over its operations in Congo, said it now expects copper production for the year to be 1,460 kilo tonnes, plus or minus 30 kilo tonnes. It had earlier forecast 1,540 kilo tonnes plus or minus 45 kilo tonnes.
Graphic: Glencore lags peers as U.S. investigations continue (https://tmsnrt.rs/2DG8MOj)
(Reporting by Muvija M in Bengaluru and Barbara Lewis in London; Editing by Saumyadeb Chakrabarty)