Glencore Blames ‘Aggressive’ Short Sellers for Copper Plunge
Glencore Shares Slide as Much As 9.4% on China Slowdown
This article is for subscribers only.
Aggressive, synchronized short selling, especially from leveraged Chinese hedge funds, has pushed copper prices too low, according to Glencore Plc.
Indicators of supply and demand suggest prices should be higher, the company said in its earnings statement on Wednesday. Mine disruptions from Chile to Zambia mean producers aren’t delivering as much metal as expected, and mining companies may cut production if prices fall further, Glencore said.