[miningmx.com] – SHARES in Glencore and Anglo American fell under fresh pressure amid evidence of China’s slow-down renewed investor worries, said Bloomberg News.
Glencore was as much as 16% lower today, the most ever, and slid below 100 pence per share for the first time since it began trading in 2011, whilst Anglo American touched a 15-year low.
“There’s broad based weakness across most miners today,” Gavin Wood, chief investment officer at Kagiso Asset Management told the newswire. “Glencore is more leveraged, somewhat higher cost than the other producers such as BHP. Glencore, in particular, doesn’t have the quality of assets that some of the others do.”
“Until China demand and emerging-market currencies find a floor, it will remain challenging to put an absolute floor on commodity prices,” Credit Suisse analysts led by Liam Fitzpatrick wrote in a note.
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