Yes, copper price. And perhaps a growing realisation that they are exposed to coal, the ugly sister of all the fossil fuels. Copper price is down but also, Zambia is trying to impose a 20% gross royalty on tonnage, instead of the current 4% and taxes. This knocks Glencore (and others such as Trafigura) because they would no longer be able to offshore profits to Zug and leave the operating company in country running at close to break even.
