CFTC Subpoenas Goldman, JPMorgan on Aluminum: Copper, Zinc Next?

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Will we find that big banks have been treating copper and zinc exactly like aluminum where the LME warehouse scheme is concerned?

That could be one of the results of the latest CFTC probe into Goldman Sachs, Glencore and JPMorgan’s commodity market dealings, resulting in a subpoena seeking documents, according to the Wall Street Journal. “The CFTC is also focusing on copper and zinc, according to a person who reviewed one of the agency’s subpoenas,” according to the article.

In a move validating for MetalMiner: “The CFTC is also looking into incentives paid by warehouse operators to producers and merchants who use their facilities and asked for documents tied to incentive payments, the person said.” Read our exclusive analysis on how aluminum producers profit from warehousing.

Today’s Aluminum Prices

Rising 2.2 percent to close at $1,821 per metric ton, the cash price of primary aluminum experienced the biggest change on the LME for Monday, August 12. After a 2.1 percent increase, the 3-month price of aluminum finished the day on the LME at $1,866 per metric ton.

Following a two-day rise, the cash price of primary Indian aluminum flattened.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese aluminum billet prices inched up 0.7 percent. The cash price of Chinese aluminum rose 0.3 percent. The price of Chinese aluminum scrap was unchanged. Chinese aluminum bar stayed flat.

FREE Download: The Monthly MMI® Report – covering the Aluminum market.

Today’s Copper Prices

Following a two-day decline, the cash price of Japanese copper climbed up 2.5 percent on Monday, August 12. The price of US copper producer grade 110 rose 0.8 percent. The price of US copper producer grade 102 gained 0.7 percent.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese copper wire gained 0.8 percent. The price of Chinese copper bar finished the market day up 0.7 percent per metric ton. The Chinese copper cash price increased 0.7 percent. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row.

On the LME, the cash price of primary copper rose 0.9 percent to $7,185 per metric ton. After a 0.7 percent increase, the 3-month price of copper finished the day on the LME at $7,210 per metric ton.

FREE Download: The Monthly MMI® Report – covering the Copper market.