Glencore shares go nuts

Glencore shares just popped 20% after the company reassured investors that the business is “operationally and financially robust.”

Shares began climbing around 12.30 p.m. BST (7 a.m. ET), but have pulled back to a 16% gain at 2.45 p.m. BST (11.45 a.m. ET).

Reuters is reporting a spokesperson for the company said: “Glencore has no debt covenants and continues to retain strong lines of credit and secure access to funding.”

Shares have been diving amid investor fears about how Glencore will cope with its $US100 billion debt pile amid low copper prices.

Glencore collapsed 29% alone on Monday after Investec warned investors could be totally wiped out. Shares have been rising Tuesday after other analysts weighed in with less pessimistic views.

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