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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.

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

Read the full report at EuroNews

**

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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