UPDATE 2-BHP, Anglo see only slight setbacks for iron ore production

miércoles 20 de julio de 2016 07:37 GYT

* BHP misses iron ore guidance by 3 mln/t

* Sees only incremental lift in FY17 iron ore output

* Also tips copper, metallurgical coal to rise

* Less petroleum output this year (Updates with Anglo outlook)

By James Regan and Barbara Lewis

SYDNEY/LONDON, July 20 (Reuters) - BHP Billiton and Anglo American have reported setbacks in their iron ore production, but analysts said the contraction was nowhere near enough to dent the massive global supply glut that has driven prices to record lows.

Overnight on Tuesday, BHP Billiton narrowly missed its iron ore output target in the financial year just ended following the Samarco disaster in Brazil, while Anglo American on Wednesday reduced its full-year production forecast in Brazil.

Anglo American's shares were down 7.1 percent at 755.6 pence by 1149 GMT, when BHP's shares in London were down 2.6 percent at 924.1 pence, in line with the FTSE-350 mining sector index.

Analysts said the steeper fall in the shares of Anglo American was not directly related to the heavily indebted company's production results and instead blamed profit-taking on the recovery in share prices from the lows hit following the UK's vote to leave the European Union.   Continuación...