Glencore Xstrata PLC has its third key member of the aluminum business in a year, “Zach Mayer, a senior member of its vast aluminum and alumina trading business…three sources have told Reuters,” reports Reuters.
“Mayer, who was head of the global alumina operations business, left the company about two weeks ago after almost eight years at the commodity trading giant, sources familiar with the matter told Reuters.”
“He has joined ARG International, the Switzerland-based trading start-up which was set up by Matt Lucke, Glencore’s former No. 2 aluminum trader, late last year, sources said.”
In metal price news for aluminum…
This past week saw the cash price of primary aluminum drop 2.7 percent on the LME, closing as the biggest mover on the weekly Aluminum MMI® at $1,663 per metric ton. The aluminum 3-month price closed last week at $1,707 per metric ton, after a 2.6 percent drop on the LME. The Indian aluminum cash price rose 1.0 percent after falling 2.7 percent during the previous week.
Chinese aluminum prices were flat for the week. The cash price of Chinese aluminum stayed essentially flat. Chinese aluminum bar prices held steady from the previous week. Chinese aluminum billet traded sideways last week.
European 5083 plate saw a 2.1 percent decline over the past week. Following a steady week, prices for European 1050 aluminum closed flat. Korean 3003 coil premium over 1050 sheet remained essentially flat from the previous week. The week finished with no movement for Korean 5052 coil premium over 1050 sheet.
The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.