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Glencore CEO Cuts Zinc in Battle With Funds Distorting Prices

  • Company to suspend operations at mines in Australia and Peru
  • Zinc price surges 12% in biggest gain since at least 1989
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How Glencore's 'Aggressive Drop' Made It Attractive

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Glencore Plc billionaire Chief Executive Officer Ivan Glasenberg has declared war on the hedge funds he says are distorting commodity prices and intensifying a price slump.

The outspoken mining industry figure on Friday announced a plan to cut zinc production by a third in a bid to stoke a rebound in the metal that’s trading near a five-year low. It worked: zinc surged by the most since at least 1989, leading advances for all metals.