February 2, 2017 / 8:19 AM / 10 months ago

UPDATE 1-Glencore sticks with 2017 production targets

* FY 2016 output in line with expectations

* Zinc Q4 production rises 8 pct (Adds detail)

LONDON, Feb 2 (Reuters) - Glencore stuck with its target for broadly higher output in 2017 on Thursday after reporting falls in copper and zinc which led overall production lower last year.

The Swiss-based company said fourth-quarter copper production fell 3 percent and for the full year was down 5 percent at 1.4 million tonnes reflecting the closure of some African operations.

Glencore’s steepest fall in output came in zinc which was down 24 percent in 2016 despite finishing the year with an 8 percent quarter-on-quarter rise to 304,900 tonnes.

Zinc prices rallied 60 percent last year, making them the best performing metal on the London Metals Exchange in 2016, helped partly by Glencore’s production cuts.

The company has said capacity for zinc will stay shut until market conditions allow for extra supply without pushing down prices. (Reporting by Zandi Shabalala; editing by David Goodman and Jason Neely)

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