Big mining bear shreds market titans

Monday 28 September 2015

Friday night saw all major global miners (except RIO and BHP) pounded again. Leading the pack was Ivan the Terrible’s Glencore which fell to another new low down 1.4% at 97.22 pence:

The big price spike intraday was rumour-based, from Bloomie:

Glencore Plc hired Citigroup Inc. and Credit Suisse Group AG to sell a minority stake in its agricultural business, a deal that could value the whole division at as much as $12 billion, according to a person familiar with the situation.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.