SHANGHAI, Aug 1 (SMM) - Glencore cut its full-year copper output guidance last Friday, in part due to cuts at its Katanga copper mine in the Democratic Republic of Congo (DRC), but said its financial performance is strong thanks to higher coal and oil prices.

Total copper production fell 15% to 510,200 mt in the first half of the year, but cobalt production, a battery material, rose 40% to 20,700 mt. In the Democratic Republic of Congo, cobalt is primarily a by-product of copper.

Glencore expects to produce 1.06 million mt of copper this year, down from its previous forecast of 1.11 million mt, due to geotechnical issues at the Katanga open-pit mine.