Glencore reports £431m loss as copper hits 6-year low and oil price continues decline

Glencore has recorded a $676m (£431m) loss for the first half of 2015 after falling oil and copper prices pummeled the Anglo-Swiss miner.

The loss compares to a profit of $1.7bn for the same period last year but includes a one-off $792m cost related to its oil operations in Chad.

Chief executive Ivan Glasenberg told investors: "We remain by far the most diversified commodity producer and marketer and are well positioned to benefit from any improvement in pricing when it finally and inevitably materialises."

Glencore's earnings were also down 29% to $4.6bn.

The results come just a day after the price of copper fell to $227.85 per pound, its lowest since 2009. Analysts have said they expect falling Chinese demand to further deplete the price of the industrial metal.

Oil prices have also fallen, with some analysts expecting the price to drop below $30 a barrel.

Glencore's share price has more than halved since August 2011 and fell another 0.5% before the market opened.

Glasenberg also reiterated debt reduction and capital preservation measures Glencore is undertaking.

"We remain committed to a strong investment grade credit profile and our disciplined approach to allocating capital."

"In light of current market conditions and continuing our recent net debt reduction trajectory, we are targeting a further decline in net debt to $27bn (from $29.6bn) by the end of 2016 as we seek to maintain our ratio of net debt to Adjusted EBITDA ratio below our 3x target."