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Rumours of Glencore facing margin calls following a loss of value in its Xstrata stock may be overdone. Glencore is reported to have been asked to pay early for metals by producers and has paid according to a report in the Metal Bulletin yesterday. Credit insurance rates have risen from 1% to 5% or 6% and commodity trade finance has become harder to source. If metals markets move to cash trading then Glencore is likely to be well placed to enact this form of finance.
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