Glencore on track to cut debt; suffers coal hedging loss

London

GLENCORE said it expected to exceed a previous target to cut debt but it took a nearly US$400 million hit from a bad bet on coal and echoed warnings voiced by mining rivals of volatile commodity markets.

Along with Anglo American, Glencore was among the companies worst affected by a commodity price rout and has been among the biggest gainers from a rebound this year.