A commodities trader probably best known for being pardoned by US President Bill Clinton has passed away.
Marc Rich “began his career as a metals trader in the early 1970s, and gained prominence during the 1973-4 oil crisis when he circumvented the Arab oil embargo to sell oil to American companies in desperate need of supplies at increasingly high prices,” according to the NY Times.
The ever-enterprising Mr. Rich “courted controversy throughout his colorful career, and was indicted by the United States in the early 1980s on charges of tax evasion and illegally trading with Iran.” He went on to found Glencore International, which he sold in 1993.
Current Steel and Raw Material Commodity Prices:
The steel billet cash price saw the biggest upwards shift for the day, rising on the LME to close at $175.00 per metric ton on Tuesday, June 25. The steel billet 3-month price jumped 40.7 percent on the LME to finish at $190.00 per metric ton.
After a 0.5 percent increase, the 3-month price of the US HRC futures contract finished the day at $608.00 per short ton. The US HRC futures contract spot price continues hovering around $600.00 per short ton for the fifth day in a row.