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UPDATE 1-Glencore beats copper forecasts as metals boost trading

Thursday, 31 Oct 2013 | 4:03 AM ET

LONDON, Oct 31 (Reuters) - Glencore Xstrata beat market forecasts with copper output that rose over a third in the quarter, boosted by improvements in its Congolese and Chilean mines, as metals helped its trading arm perform "in line" with its expectations.

Among diversified miners, Glencore Xstrata has the biggest exposure to copper. In the third quarter, it said total copper contained - using feed from its own sources - climbed to 412,900 tonnes. African production alone rose 30 percent.

Glencore, which completed its acquisition of Xstrata earlier this year, has benefitted from the ramp up of the newly commissioned Antapaccay mine in Peru and operational improvements at Collahuasi in Chile, in which it owns a stake.

Zinc output, another key source of revenue for the combined group, dipped 12 percent, dented by operations that have reached the end of their mine lives.

Total coal production rose 9 percent in the third quarter to 37.1 million tonnes.

Glencore gave little detail on the performance of its trading arm, but said profitability was "broadly in line with expectations". "Metals and energy remain the strongest, however we are also witnessing an improvement in agricultural performance," it said on Thursday.

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