Copper prices should rise as supply decreases- Glencore boss

The head of Glencore believes copper prices should rise as more companies cut back mine production, according to Bloomberg.

Ivan Glasenberg's comments were made at the Africa Summit in London on Monday.

He said copper inventories will decline and supplies will eventually tighten and that China will need more commodities, adding there was no reason to keep mining copper if it isn’t profitable.

Glencore shares surged on the news, with trading extended and closing up 20 points (21.05%) to 115p per share.