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Glencore International AG

Glencore shares storm ahead on zinc cutback news

Shares in commodities group Glencore rose strongly Friday after the company said it is slashing its zinc production by a third and cutting jobs in response to a sharp fall in the price of the metal. The move — which will involve a cut in annual zinc production by 500,000 tons in Australia, South America and Kazakhstan — is the latest response by the Switzerland-based company to the slide in commodity prices that has raised concerns over Glencore's underlying business model. Investors responded positively and Glencore shares closed up 7 percent in London at 129 pence. Glencore's announcement also helped zinc prices rise, as global production of the metal will fall...