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Glencore drops on news of probe by the US Commodity Futures Trading Commission in addition to US DoJ

The group said the CFTC is investigating whether the firm and its subsidiaries may have violated certain provisions of the Commodity Exchange Act and/or CFTC Regulations

US Department of Justice
Glencore said it understands the CFTC probe has a similar scope as the current ongoing investigation by the US Department of Justice

Glencore PLC (LON:GLEN) shares dropped after the firm revealed, late on Thursday, that it is being probed by the US Commodity Futures Trading Commission (CFTC) in addition to an ongoing investigation by the US Department of Justice (DOJ).

In a brief statement after the London close, the FTSE 100-listed group said the US CFTC is investigating whether the firm and its subsidiaries may have violated certain provisions of the Commodity Exchange Act and/or CFTC Regulations through corrupt practices in connection with commodities.   

READ: Investors in Glencore unnerved by limits to profitable coal production

The commodities trader and miner said it understands that the CFTC's investigations are at an early stage and have a similar scope in terms of subject matter as the current DoJ investigation.

Glencore added that it will cooperate with the CFTC, with its response to be managed by its Investigations Committee, which was set up in July 2018 to oversee the group’s response to the DoJ investigation.

In early morning trading, Glencore shares were 3.4% lower at 310.55p.

Quick facts: Glencore PLC

Price: 180.98 GBX

LSE:GLEN
Market: LSE
Market Cap: £24.11 billion
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