Alcoa would also like to see more transparency in aluminum trading.
As reported in Bloomberg: “The current system isn’t sustainable, Klaus Kleinfeld, Alcoa’s chairman and chief executive officer, said in an interview. At stake, he said, is the London exchange’s relevance as the price-setter to producers and users of aluminum, the metal used in products from beer cans to aircraft.”
In the meantime, the aluminum cash price saw the biggest increase at 0.4 percent on the LME, finishing at $1,801 per metric ton for Wednesday, July 24. After a 0.3 percent increase, the 3-month price of aluminum finished the day on the LME at $1,846 per metric ton. The Indian aluminum cash price flattened after two days of improvement.
Chinese aluminum closed mixed yesterday. The Chinese aluminum cash price weakened by 0.1 percent, settling at the $2,340+ metric ton range. For the fifth consecutive day, the price of Chinese aluminum scrap held flat. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row. The price of Chinese aluminum bar was unchanged as well.