Glencore (GLCNF) said production over 2016 was in line with expectations as the mining and commodities trading group said strong nickel output went some way to making up for year-on-year dips in copper, zinc and oil production.

The London-listed, Swiss-based group posted full year copper output of 1.43 million tones, down 5% on 2015 blaming outages at its African mines that were only partly offset by a better performance of its South American operations.

Zinc production came in at 1.09 billion tons, down 24% year-on-year as the company curtailed output from its Australian and Peruvian mines. Oil production was also down year-on-year, falling a total 29% to 7.5 million barrels of oil equivalent as output declined at its aging fields in Equatorial Guinea and Chad.

Coal production of 125 million tones was down 5%, mainly due to the divestment of its South African Optimum Coal operation in 2016.

The bright spot was nickel, where production rose 20% to 115,100 tons, though the improvement was from a low base due to maintenance at a smelter in 2015 that hurt throughput.

Glencore led by CEO and largest shareholder Ivan Glasenberg described production in the final quarter as "solid" and maintained its 2017 guidance. That guidance includes further falls in copper output, which is expected to decline to about 1.3 million tons, a small increase in zinc production, which is expected to rise to 1.2 billion tons and near-flat production of nickel at 120 million tons.

Glencore shares have gained 265% over the past year as the company rebounded from fears over its ability to support its debt and as commodity prices have recovered. The stock closed Wednesday at 326.93 pence ($4.14).

Glencore will report its annual results on February 23. Shares in the group closed at 326.9 pence each Wednesday in London, up 0.09% on the session and extending the three month gain to more than 32%.