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Glencore's CEO 'Surprised' By Downturn In Commodity Prices

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Glencore's CEO 'Surprised' By Downturn In Commodity Prices

Glencore International PLC (OTC: GLCNF) is one of the world's largest commodities trading companies. Leading the company is Ivan Glasenberg, an executive who the Financial Times labeled as "the savviest trader of his generation."

Given Glasenberg's reputation as a commodities expert, it could come as a borderline shock when he said that he has been "surprised" by the downturn in commodity prices.

Meanwhile, Glencore's stock on the OTC markets has lost nearly 75 percent over the past year. On Tuesday, the issue was higher by 1.58 percent at $1.25.

The Financial Times pointed out that Glasenberg's comments were made in front of investors and analysts in August. However, the executive wasn't the only expert that was caught off guard.

The publication also noted that Goldman Sachs analysts predicted zinc prices will rise 16 percent throughout 2015 and end the year at $2,500 a tonne. Meanwhile, the commodity is trading at around $1,500 a tonne on the London Metal Exchange.

"The sector as a whole and all of us spent a great portion of the year chasing our tails," Kieron Hodgson, an analyst at Panmure Gordon & Co, told the Financial Times. "I don't think anyone would say they've had a champagne year."

 

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Posted-In: Commodities Commodity Prices Glencore Ivan Glasenberg Keiron HodgsonNews Commodities Markets Best of Benzinga

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