Copper tumble risks hampering Glencore's takeover ambitions

Wed Jan 14, 2015 9:01am EST
 
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* Copper down 12 percent, iron loses 5 percent on the year

* Metals price move makes Rio more expensive for Glencore

* Anglo, Antofagasta, Kaz, also hard hit by copper slump

By Silvia Antonioli

LONDON, Jan 14 (Reuters) - A sudden plunge in the price of copper pulled the shares of global miner Glencore to their lowest level on record on Wednesday and risks frustrating any intention to make a fresh move on larger rival Rio Tinto.

Copper prices slid to their lowest in 5-1/2 years after a downward revision to global growth forecasts by the World Bank and shares in Glencore lost as much as 12 percent to 236.20 pence on Wednesday.. Glencore, among the large diversified miners, has the largest exposure to copper.

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BREAKINGVIEWS-Copper collapse accurately indicates global   Continued...