BUZZ-Lonmin: hits all-time low on downgrade, falling prices and Glencore divestment
** Lonmin (LSE: LMI.L - news) falls 10.3 pct to its lowest level since listing in 1982, as falling platinum prices and Glencore (Xetra: A1JAGV - news) 's divestment of its shareholding continue to weigh on sentiment
** Platinum spot prices just off 6.5 yr lows, near crucial $1,000 level that pushes majority of the industry into the red
** Glencore's distribution of its 23.9 pct stake in Lonmin to its own shareholders also cited as factor
** "We are seeing some shareholder capitulation and some of it is to do with Glencore distributing its shares," says Investec (LSE: INVP.L - news) analyst Marc Elliot
** "Some fund managers must be selling shares as they are getting scared of the mining sector and the platinum price and there is nothing to give any comfort
** "Many of Glencore's shareholders hold... for very different reasons and they would never want to hold Lonmin"
** Separately, UBS (NYSEArca: FBGX - news) downgrades stock to "sell" from "neutral", TP cut to 75p from 130p
** Lonmin top faller on FTSE 250, worst single day for stock since January 2009
(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)