Slumps in crude oil and metals are dragging down all the major indexes for commodities and mining corporations.
Glencore is getting hit today, with the Swiss-based giant losing almost one-tenth of its stock value Wednesday morning.
At 11.46 a.m. GMT (6.46 a.m. EST) Glencore was trading at 239.93p, down 10.77% from its previous close.
Glencore’s stock price is now less than half of what it was in 2011, when the mining corporation was first listed with a valuation of about 530p per share.
Here’s what the collapse looks like:
It’s not just Glencore that’s feeling the pain — all the leading international mining companies are suffering.
BHP Billiton at 11.20 a.m. GMT (6.20 a.m. EST) was trading at 1,264.75p, down 6.8% from its previous value.
Anglo American was at 1,039p, down 9.92%
Barrick Gold, the leading gold producer, was at $US10.68, a fall of 5.74%, and gold is among the indexes which are falling the least.
Rio Tinto was trading at 2,761.25p, losing 5.44% and the best performer among these stocks.
And the outlook still isn’t looking good. The price of copper got crushed by almost 6% in overnight trading in New York, hitting a 4-year low.
Today, copper is still on a negative path, falling a further 5.16%.
Meanwhile crude oil is hitting news lows almost every day. So far today Brent has been trading about $US47 a barrel, after it repeatedly fell below $US45 over the last few days.
A chart from DoubleLine Capital’s Jeff Gundlach’s outlook for 2015 presentation sums up the trend well. It shows the performance of different commodities’ indexes in 2014, with all of them falling over the year.
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