Swiss commodity trading and mining company Glencore reported a 30% year-on-year drop in its first-quarter copper production to 167,900 tons, though its 2025 full-year guidance of 850,000-910,000 tons is unchanged, with higher output expected in the coming months.

During the same period, nickel production also fell by 21% year on year to 18,800 tons, but the 2025 target remains flat at 74,000-86,000 tons.

Zinc production grew by 4% year on year to 213,600 tons, mainly reflecting higher zinc grades at the Antamina mine and increased output in Australia, with a 2025 target unchanged at 930,000-990,000 tons.
Despite trade concerns impacting most metal prices, long-term demand for energy transition materials such as copper is expected to rise.