Glencore Slumps Below 2 Pounds a Share to Record Low in LondonJesse Riseborough
Glencore Plc, the commodity trader and mining company headed by billionaire Ivan Glasenberg, slumped to a record in London trading amid a rout in commodity prices.
The stock fell below 200 pence for the first time, declining 0.7 percent to 199 pence at 8:07 a.m. in London. It’s plummeted more than 60 percent since a $10 billion initial public offering in London and Hong Kong in 2011, where the company sold shares at 530 pence each.
Investors are retreating from commodities as China’s economy expands at the slowest pace since 1990 and the Federal Reserve moves closer to raising borrowing costs. The Bloomberg World Mining Index of the biggest producers dropped this year as prices for commodities including coal, iron ore, gold and nickel have plunged.
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