Boeing Machinists Reject 777X Labor Deal; Indian Aluminum Shifts Up 2.8%

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Boeing Co is disappointed after its “machinists soundly rejected an eight-year labor contract extension on Wednesday that would have let them build the company’s newest jetliner in Washington, a historic decision that could forever alter the course of Boeing’s 97-year presence in the state,” reports Reuters.

“International Association of Machinists members voted 67 percent against a deal that would secure an estimated 20 years of work building Boeing’s 777X jet, but a deal that would have terminated their pension plan and raised their healthcare costs.”

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“The decision means Boeing will consider building key parts of the 777X, including the wings, in non-union U.S. states or in Japan, where it has already received an offer.”

On Wednesday, November 13, the day’s biggest mover was the Indian aluminum cash price, which saw a 2.8 percent increase. The cash price of primary aluminum saw a 0.3 percent decline on the LME to $1,755 per metric ton. On the LME, the 3-month price of aluminum declined 0.1 percent.

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Chinese aluminum prices closed flat for the day. The cash price of Chinese aluminum held steady, as did the price of Chinese aluminum scrap. For the fifth consecutive day, the price of Chinese aluminum billet held flat. The price of Chinese aluminum bar continues to hover for the fifth day in a row.