SINGAPORE (Oct 15): Noble Group’s recent shares losses, when Asia’s biggest commodities trader dropped in tandem with Glencore Plc, may represent an anomaly as the companies are different, according to Jefferies Group LLC.

While most of Glencore’s asset base and earnings come from mining and the business is significantly affected by swings in raw materials, Noble is mostly a supply-chain manager, analyst Abhijit Attavar said in a report. That means the Singapore-listed company is a middleman who takes little direct price risk in commodities, according to Attavar.

Glencore’s shares sank to a record last month amid concern that the company may struggle to repay debt as commodity prices languished near multi-year lows. In Singapore, Noble also plunged, exacerbating declines from earlier this year that were spurred by criticism of its accounting practices and short-selling.

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