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Glencore “caught out” by copper price woes, says SP Angel’s Meyer

John Meyer, partner at boutique mining house SP Angel, says blue-chip miner and commodity trader Glencore (LON:GLEN) has been caught out by the price of copper.

The bronze metal is trading at six-year-lows and Glencore today blamed sharp falls in commodity prices for lower profits.

“We’ve seen large scale selling of copper in the futures market, which has forced prices down and caught traders out,” said the analyst.

Meyer also discusses the outlook for small cap miners in a low price environment and rates Anglo Asia Mining's (LON:AAZ) efforts to address costs and recovery issues as a good example of a firm turning things around.

 
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