Former Glencore No. 2 Aluminum Trader Opens New Firm; Primary Indian Aluminum Down

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New shop on the street…”Glencore’s former No. 2 aluminum trader Matt Lucke has opened a physical metals trading firm, becoming the first high-profile alumni of the commoditytrading giant’s powerful metals business to return to the market since its takeover of Xstrata in May.”

“The 40-year old American told Reuters last week he has returned to trading just six months after leaving Glencore Xstrata Plc where he worked his way up over 17 years from thefinance department to becoming one of the company’s most senior aluminum executives.”

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“His departure in the summer alongside global aluminum and alumina chief Gary Fegel was the biggest shake-up of the world’s biggest aluminum trading desk in years.”

The cash price of primary Indian aluminum saw the biggest decline of the day, dropping 0.5 percent to close on Tuesday, December 17. The aluminum 3-month price saw a 0.3 percent decline on the LME to $1,790 per metric ton. On the LME, the primary aluminum cash price fell 0.3 percent to $1,745 per metric ton.

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