Commodity trader and mining company Glencore is continuing to rise after its massive decline, as shares for the company are up more than 70% in Hong Kong.

Just one week ago, shares for Glencore had fallen by nearly 30%. There were widespread rumors that the company was going to liquidate its assets in the near future. However, the company insisted that it would be able to weather the storm.

Shares for Glencore have been extremely volatile, moving up and down throughout last week. The company has been heavily plagued by an economic slowdown in China, the world’s largest buyer of raw materials. However, market analysts have said that the troubles for Glencore had been over-exaggerated, resulting in sharp rises of the company’s stock.

Basically, it has been a roller coaster ride for Glencore.

In August, Glencore revealed that it would attempt to reduce its debt by raising billions of dollars in equity and selling assets. Newspapers in London reported that a major portion of Glencore’s agriculture department was likely to be sold.

That same month, Glencore CEO Ivan Glasenberg stated that he was unable to predict the economy of China. He also said that he would be open to takeover offers for the company.

However, most market analysts believe that no company would want to touch Glencore given its massive debt load.

Glencore is primarily listed on the London Stock Exchange. The Hong Kong Stock Exchange is Glencore’s secondary listing.

Glencore’s more recent rise has been accompanied by major activity in the stock market. Monday might turn out to be the most heavily traded day in recorded history for the Hong Kong Stock Exchange.

Representatives of Glencore informed market regulators that the company is not aware of why its value suddenly skyrocketed. Meanwhile, in London, shares for the company were up 13%.

Mining and energy stocks have also had a strong performance in Australia. Shares for BHP Billiton are up 4%, while shares for Santos have risen by nearly 6%. Gold mining company Newcrest Mining is up 9%.

Most analysts have shown approval in Glencore’s debt management plan. They say that the company’s methods for raising equity, selling assets, and preserving cash should successfully reduce its debt load over time.

It remains to be seen if Glencore’s strategies will pan out in the long run.

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