The London Metal Exchange (LME) may have “to repeat arduous preparations it made for reform of its global warehouse system if Russian aluminium giant Rusal wins a British judicial review on grounds including human rights,” reports Reuters.
“United Company Rusal, the world’s largest producer of the metal, will seek court permission next week for the review, in hopes of quashing LME moves that may undermine the price at which it sells its products.”
“The Hong Kong-listed company argues that the LME actions will harm its economic interests and that there were flaws in the consultation and inquiry process adopted by the exchange.”
In metal price news for aluminum…
The week’s biggest mover on the weekly Aluminum MMI® was the cash price of primary Indian aluminum, which saw a 3.0 percent increase. This comes on the heels of a 0.7 percent decline the week prior. On the LME, the primary aluminum cash price ticked up 2.4 percent over the past week to $1,726 per metric ton. Last week, the 3-month price of aluminum shifted slightly on the LME, rising by 2.4 percent to close at $1,770 per metric ton.
Chinese aluminum prices were mixed for the week. The Chinese aluminum cash price rose 0.8 percent after falling 3.3 percent during the previous week. The price of Chinese aluminum bar did not change since the previous week. Chinese aluminum billet prices held steady from the previous week.
Prices for Korean 3003 coil premium over 1050 sheet remained constant, closing the week. Korean 5052 coil premium over 1050 sheet traded sideways last week. Prices for European 5083 plate remained constant, closing the week. European 1050 aluminum remained essentially flat from the previous week.
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.