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UPDATE: Mining giant Glencore to cut zinc production

Glencore headquarters

 

Mining giant Glencore says it intends to cut half a million tonnes of zinc production in its latest move to cope with the slump in commodities prices.

The amount represents around four percent of global supply.

Zinc prices which have fallen 30 percent since May, rallied six percent on the news.

Read the full report at EuroNews

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FTSE 100 rally continues as Glencore lifts mining sector

Shares in Glencore jumped more than 10% on the news, and other miners also gained with Anglo American up 6.3%.

Mining shares have been under pressure for some time because of declining commodity prices, but Glencore’s action sent zinc prices up 6%.

The FTSE 100 index was up 67.35 points, or 1.1%, at 6, 442.17.

Read the full story at the BBC

 

 

 

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