Glencore has warned of a slowdown in demand for commodities from China and the US, the two most important consumers of raw materials, in its first public results since its $10bn (€6.9bn) flotation last month.
Ivan Glasenberg, chief executive, said high prices and the Chinese government’s moves to curb inflation had damped demand, although he hoped any slowdown would be temporary.
“We see a pullback in China and it will continue,” he said. “There are pullbacks in China from time to time when they see inflation is too high.” In the US, he said that there had been a “slight slowing down”, adding that this would “hopefully” be “a temporary pullback”.
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