Shares in Glencore International fell again this morning to 507.8p, still below last month’s issue price of 530p, in a development that is unlikely to cause much surprise to the only three analysts to have issued recommendations since the float, and who have failed thus far to issue resounding note of confidence.

At present, only three banks appear as having published research on the Swiss energy giant that raised $11bn on the London Stock Exchange in May, according to Bloomberg data. The three - Nomura, RBC Capital Markets and Dolmen Stockbrokers- were not among the banks that worked on the initial public offering, and therefore are not subject to the usual research blackout period.