Perhaps to try and counteract their perceived operating opacity, Glencore held an Investor's Day on 10th September. The discussion revolved around how the company has changed following the merger between Glencore and Xstrata. Ivan Glasenberg gave an interesting overview of how he sees the world following a softening of commodity prices across the board. Lack of developer discipline has led to value destruction and overcapacity. Glencore Xstrata's focus going forward will be on operating profitability rather than market share maximisation.

The video and accompanying slides are well worth viewing.