Aluminum Price Fluctuates As Judge Allows LME Warehouse Lawsuits to Continue

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A judge overseeing litigation accusing Goldman Sachs Group, JPMorgan Chase & Co., their warehousing businesses and the London Metal Exchange of conspiring to reduce the supply and increase the price of aluminum will allow, for now, three groups of plaintiffs to pursue separate lawsuits, Reuters reported.

In an order dated March 6, US District Judge Katherine Forrest said she will let direct purchaser plaintiffs, commercial end-user plaintiffs and consumer end-user plaintiffs file their own complaints seeking class-action status, while giving defendants the right to object to those filings.

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The cash price of primary Indian aluminum moved up 0.6 percent on Friday, March 7, making it the day’s biggest mover. The 3-month price of aluminum changed direction with a 0.6 percent drop. After two days of improving prices, the metal finished at $1,774 per metric ton on the LME. The cash price of primary aluminum declined 0.5 percent on the LME to $1,732 per metric ton, after two days of improvement.

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Chinese aluminum prices were mixed Friday. Chinese aluminum primary saw its price drop 0.2 percent to a 30-day low. The price of Chinese aluminum scrap was unchanged. The price of Chinese aluminum billet continues hovering in a short range. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat.

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