Aluminum Falls; Congressman Bob Goodlatte Wades into the LME Controversy

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US Representative Bob Goodlatte (R-Va.), who chairs the House Judiciary Committee has waded into the London Metal Exchange aluminum warehousing situation by speaking critically of the LME  and the oversight of the US Commodity Futures Trading Commission.

“The CFTC acknowledges that they have the authority to regulate and investigate concerns about the aluminum supply,” recently Goodlatte said at a House hearing in front of the House Committee on Agriculture. “End-users are concerned that the CFTC has been slow in taking action and looking into their concerns.”

As head of the Judiciary Committee, Goodlatte has the ability to delve into issues ranging from mergers to competition in industry. Goodlatte’s remarks came at a meeting at which the House Committee on Agriculture adopted a bill to adjust the CFTC’s mandate and several of its rules, a process known as reauthorization that roughly takes place every five years.

On Wednesday, April 16, the day’s biggest mover was the aluminum cash price, which saw a 1.3 percent decline on the LME to $1,816 per metric ton. On the LME, the 3-month price of aluminum declined 0.8 percent to $1,857 per metric ton. The cash price of primary Indian aluminum weakened by 0.3 percent, settling at INR 112.45 ($1.86) per kilogram.

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Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap saw little movement at CNY 12,250 ($1,969) per metric ton. The price of Chinese aluminum billet saw essentially no change for the fifth day in a row, remaining around CNY 13,590 ($2,184) per metric ton. The price of Chinese aluminum bar continues hovering around CNY 14,200 ($2,282) per metric ton for the fifth day in a row. The cash price of Chinese aluminum saw little price change on Wednesday at CNY 12,915 ($2,076) per metric ton.

 

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