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October 9, 2015 — 10:09 AM BST
Glencore Slumps to Record Low as Mining Losses Pick Up Speed
The rout across metals and mining shares accelerated as evidence of China’s slowdown renewed investor worries and analysts said prices are heading lower.
Glencore tumbled as much as 16 percent, the most ever, and slid below 100 pence for the first time since it began trading in 2011. Anglo American Plc touched a 15-year low and Antofagasta Plc sank 7.3 percent. KAZ Minerals Plc, a small copper miner in Kazakhstan, lost 25 percent.
Mining companies are suffering under the lowest commodity prices in more than a decade and no signs of a turnaround in China’s economy. The largest companies in the industry have scrapped dividends, cut jobs and sold new shares to preserve profitability as the slump in raw-material prices continues.