Glencore

Glencore CEO blames speculators for commodity price slump

The commodities producer and trading company kicks off the Hong Kong retail portion of its $9 billion to $11 billion IPO today after attracting solid demand from institutions.
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Ivan Glasenberg, CEO of Glencore International speaks via satellite link to a press conference in Hong Kong
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<div style="text-align: left;"> Ivan Glasenberg, CEO of Glencore International speaks via satellite link to a press conference in Hong Kong </div>

Glencore International, the Swiss producer and trader of commodities, will kick off the Hong Kong retail portion of its initial public offering today, as the immediate concerns about last week’s slump in commodity prices appears to be easing off. Indeed, bankers say the volume of institutional orders has been growing steadily since the bookbuilding opened on May 4 and this portion of the offering is already more than five times covered.

Speaking to Hong Kong media by video link yesterday, Glencore CEO Ivan Glasenberg said he wasn’t worried about the recent decline in commodities prices as he views it as a short-term correction a view that is shared by a...

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