Meanwhile, in the copper producers space, Moody’s Investors Services downgraded mining giant Glencore’s credit rating to one notch above junk status, reports Olivia Kumwenda-Mtambo for Reuters. [Glencore’s ETF Impact]
“Our decision … reflects our expectations that the pricing environment in mining will remain unfavourable in 2016-17, making a return to the previous level of earnings unlikely,” Moody’s lead analyst on Glencore Elena Nadtotchi said in a statement.
iPath Dow Jones-UBS Copper Subindex Total Return
For more information on the copper market, visit our copper category.
Max Chen contributed to this article.