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Here's what analysts are saying about the 'absurd' plunge in Glencore stock

Oscar Williams-Grut   

Here's what analysts are saying about the 'absurd' plunge in Glencore stock

A worker pours a 30 ton laddle containing molten iron into a mould at the Graham Campbell Ferrum foundry in Melbourne November 21, 2008. Graham Campbell Ferrum is privately owned and has been operating as a foundry since 1922. The company specializes in producing very large casting components up to 60,000 kg in weight.

REUTERS/Mick Tsikas

A worker pours a 30 ton laddle containing molten iron into a mould at the Graham Campbell Ferrum foundry in Melbourne November 21, 2008.

Commodities trading and mining business Glencore has seen its share price destroyed over the last week, falling 29% on Monday alone.

Investors are worrying how the company will deal with its huge net debt pile, worth $30 billion (£20 million), as copper prices fall. Glencore is not especially profitable.

The good news is that the stock has sunk so low that analysts are now mostly bullish: They think the selloff has been overdone. (One called it "absurd.")

The bad news is that they mostly agree that the picture will change if copper and other commodity prices go lower.

Here's a round-up of what mining analysts are saying about the company's prospects.

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