New Global Commodities and Metals Chiefs for Goldman Sachs; 3-Mo Nickel Rises

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Goldman Sachs Group Inc has added some new faces. The company “has appointed two senior executives to run its global metals and commodities businesses, sources said on Tuesday, the latest in a series of high-level changes at Wall Street’s No. 1 bank for commodities,” reports Reuters.

“London-based Charles McGarraugh, who is currently head of European mortgage product trading, will be global head of metals trading, running one of the world’s biggest metal derivatives desks, two sources familiar with the matter said.”

“Don Casturo, who is based in New York and is global head of commodities investor products, has been named chief operating officer of global commodities, a newly created position, one of the sources said. He will retain his investor products job.”

In metal price news for stainless steel and nickel…

On Tuesday, December 17, the day’s biggest mover was the 3-month price of nickel, which saw a 1.3 percent increase on the LME to $14,135 per metric ton. On the LME, the spot price of nickel rose 1.1 percent to $14,055 per metric ton. The Indian nickel cash price increased 0.2 percent.

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Chinese stainless steel prices were flat for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat. The price of Chinese ferro-moly saw little movement.

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The price of Chinese 316 stainless coil remained essentially flat. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat. The price of Chinese 316 stainless steel scrap held steady. For the fifth day in a row, the price of Chinese 304 stainless steel scrap remained essentially flat. The price of Chinese primary nickel remained essentially flat.