Goldman Sachs, feeling the heat from aluminum buyers on its involvement in the LME warehousing scheme, released yet another statement, this time of capitulation. This time, the bank makes a few suggestions on how to “resolve” the debacle, while saying that they’ll “swap” queued aluminum with available aluminum for end users.
What does this all mean for you? MetalMiner will publish a follow-up to this development with key insights for buyers.
Read more of our extensive coverage and analysis on the subject:
- Goldman Sachs Banks on LME Aluminum Warehouses: So What’s New?
- Goldman Sachs’ Policy: “Deny Everything!”
- CFTC Probes Aluminum Warehouse Schemes As Producers Go Unnoticed
- Goldman Sachs Right and Wrong on Certain Aluminum Market Facts
- Goldman Sachs, MetalMiner Battle It Out Over LME Aluminum
Meanwhile, what are daily aluminum prices on our index doing?
The cash price of primary Indian aluminum moved up 1.6 percent on Wednesday, July 31, making it the day’s biggest mover.
On the LME, the primary aluminum cash price fell 1.1 percent to $1,741 per metric ton. The 3-month price of aluminum weakened by 0.9 percent on the LME, settling at $1,786 per metric ton.
The cash price of Chinese aluminum fell 0.3 percent to a 30-day low on Wednesday. The price of Chinese aluminum scrap remained essentially flat. Chinese aluminum billet saw little change in its price yesterday. The price of Chinese aluminum bar continues hovering in place.