Rusal Asks LME to Postpone Metal Withdrawal Rule Changes

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United Co. Rusal has urged the LME to postpone suggested rule changes aimed at speeding up withdrawals of warehoused metals, reports Bloomberg.

“The current proposal risks [are] distorting the aluminum market further, Moscow-based Rusal said today in a statement. The changes also would reduce transparency and make the LME less relevant for industrial users, it said. The exchange, which monitors more than 700 warehouses worldwide, is consulting market participants on the plan until Sept. 30.”

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Following two days of increases on the LME, the aluminum cash price dropped by 2.0 percent to end at $1,754 per metric ton on Tuesday, September 24. On the LME, the 3-month price of aluminum declined 0.4 percent to $1,802 per metric ton. The Indian aluminum cash price finished the market day up 0.1 percent per kilogram.

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Chinese aluminum prices closed flat for the day. The Chinese aluminum cash price remained essentially flat. The price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet held steady. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat.