It's Glencore Versus Goldman in Metals as Miners Cut Production
- `China is the central issue,' Red Kite's David Lilley says
- Glencore cut zinc production, shares up 86% since Sept. 28
Glencore Offers Copper Assets in Bid to Slash Debt
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For years, a copper replica of Wall Street’s Charging Bull sculpture stood in the lobby at the London offices of Red Kite Group, one of the biggest metals hedge funds. With prices near six-year lows, a new statue faces it, an even bigger roaring bear.
The bear, made of copper so shiny you can see your reflection, epitomizes the negativity in a market that’s seen prices cut in half since 2011. Whether a turnaround is imminent or more gloom lies ahead will dominate conversation at the LME Week in London, the annual gathering of miners, traders and buyers that starts on Monday.