A fountain of copper coins.

Glencore’s stock is ridiculously volatile right now — it tanked by 29% on Monday, but has recorded massive double-digit rallies in the two days since.

But despite the erratic trading activity surrounding the Glencore stock, Goldman Sachs analyst Christophor Jost and his team say that don’t expect Glencore to de-list and go private. It needs access to public cash.

Glencore shares initially nose-dived because investors were worried that the mining giant, which has $ 221 billion (£146 billion) in annual revenues, would not be able to  cope with its huge $ 100 billion (£660 million) debt pile given the low copper price.

On Monday alone, shares tanked 29% after Investec said shareholders could be completely wiped out. Here’s what it looked like at its worst point:

Glencore, Business Insider

However, Glencore’s stock jumped as much as 20% the next day and today it is rising by double digits again, after the group said the business is “operationally and financially robust.“

Jost and his team at Goldman said:

Anything that helps to break the vicious cycle of falling share prices leading to increased concerns over potential dilution which in turn leads to falling share prices is a good thing and the statement appears to have achieved this for now. 

Importantly – bonds performed well following the announcement. Feedback suggests that most are giving the stock a wide berth given the volatility but we had some indications of interest yesterday from investors thinking that the sell-off was overdone.

Goldman analysts added that even though Glencore’s stock is all over the place, and at one point looking like it was going to annihilate its shareholders, the mining giant is unlikely to go private.

“[It is] unlikely in our view given the fact that this would likely rely on increased leverage and close off access to public equity markets.

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