Glencore share price drops to its lowest point since listing on worsening commodities rout
Glencore shares have fallen to their lowest point since listing, dropping below its 100p per share floor for a second time this week, as a global rout continues to pummel the embattled commodities giant.
After a somewhat buoyant opening, Glencore has tumbled anew, falling 2.3 per cent over the course of the morning to trade at 96.48 at pixel time.
This is the lowest Glencore shares have been since going public in 2011.
On Tuesday, prompted by a note from broker Credit Suisse, Glencore shares fell to 99.9p, which was then the company’s lowest point since it listed, and the first time it dipped below 100p per share.
Worries over China’s slowdown have exacerbated the commodities rout, pushing the price of copper and other raw materials sharply down.
This has hit Glencore hard. The miner is now the worst performer on the FTSE 100 index this year, with its share price down more than 65 per cent since the beginning of the year.
The price of copper has slid to a two-week low, and is predicted to plunge further before the year is out.