Speaking at Glencore’s annual general meeting in Switzerland, Glasenberg said the company had the right mix of commodities.

“Some of our key commodities will move into deficit very shortly and you should get different commodity prices moving at different rates,” he said.

“Hopefully 2016 and going forward is going to be better than ‘15.”

Glencore would remain disciplined on the supply and production side, he said.

“We don’t want to dig the material out of the ground if it’s going to put pressure on the commodity price and push it even lower,” he said.

“We don’t want to dig it out of the ground – it’s a resource, it’s going to be there, it’s not going to run away.”

Glencore last year cut 15 million tonnes in coal production.

“Our company has a big advantage to other companies that only have the mining side of the business,” he said.

“Unfortunately commodities are all moving in the same direction at the moment and they all move together.

“The demand/supply fundamentals of the individual commodities has not taken place yet.”