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Garnry: Why a risky long in Glencore could eventually strike gold

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It's been a turbulent week for Glencore. The company lost 30% of its share price on Monday but has since seen a rebound. It's still the worst performer in the FTSE 100 this year, so is the worst really over?

Saxo's Peter Garnry says the company desperately needs to see higher commodity prices aswell as improving growth in China. It's already announced a strategy to cut its net debt of 45 billion US dollars by 10 billion USD. But he warns it may be forced to sell assets at depressed prices.

He also warns that the world could be in the middle of a commodity crisis. Combined with high yield debt that's been building in many countries like Brazil, he says it's a fragile situation.

Although it's risky, Peter still believes there is "tremendous opportunity" for going long in Glencore and he explains why.