Glencore chief bullish despite sluggish Hong Kong debut

25 May 2011

Shares in Swiss commodities giant Glencore opened 2.8 per cent lower in their Hong Kong trading debut today, after a lacklustre launch in London for the year's biggest IPO.

The firm's shares touched HK$64.65 in early trading, falling from their HK$66.53 IPO price. The stock was at  HK$64.75 an hour later.

Despite the sluggish start, according to Glencore chief executive Ivan Glasenberg said he was "bullish" on the listing's potential. The biggest commodities trader in world the world by revenue raised about $10 billion ahead of the dual listing.

"We are still bullish with commodities and the strength in the commodities market," he told reporters at the firm's listing ceremony in Hong Kong.

"At the end of the day, the demand for commodities still continues robustly.

"The big question is whether the big mining companies in the world will continue to increase production to match the demand in Asia," said Glasenberg, who flew in from London.