Whisper it softly, but the first buds of transparency appear to sprouting at Glencore, as the newly listed commodities giant publishes its first-quarter interim management statement. Shame Glencore still hasn't got round to listing the names of its directors...

Last month, we suggested old habits were dying hard at Glencore as regards becoming a little less secretive for a company that one might reasonably have expected to embrace a new era of transparency as a large, listed blue chip.