Noranda Income Fund Unit T.NIF.UN

Glencore

[navak]

Glencore PLC's (GLEN.LN) Chief Executive Ivan Glasenberg Tuesday said he thinks commodity markets have hit the bottom and that cuts in spending by the world's biggest mining companies will have a positive impact on prices in the future.

Reduced spending "is going to tighten up supply and you're not going to get new excess supply coming on the market," Mr. Glasenberg said on a conference call.

He said the company's sales to China and around the world "at the moment is pretty good."

"We continue to see good orders into China," he said.