Glencore's boss spoke at an African investment conference overnight. Some reported quotes in the AFR online:
Mr Glasenberg confined his remarks to the copper market at the FT's Africa Summit on Monday.
"If you're not making money I believe you should take production out and reduce supply," said Mr Glasenberg, who is Glencore's largest shareholder with an 8.4 per cent stake. "Don't create oversupply in the market for no reason."
Arguing the decision to temporarily shutdown production at
two of Glencore's African copper mines "should have an effect on the price", Mr Glasenberg blamed hedge funds for pushing down the price of copper at a time when "there is only three weeks supply of copper stock available in warehouses".
Describing this as "the lowest inventory I've seen in copper stocks for many years", he predicted "eventually the fundamentals will prevail".
