JPMorgan, Goldman Sachs and LME Ask to Dismiss Aluminum Lawsuit

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Goldman Sachs Group, JPMorgan Chase & Co., the London Metal Exchange and warehouse operators want a judge to throw out lawsuits saying that from May 2009 they conspired to reduce the supply and increase the price of aluminum, Reuters reported today.

The three argued in New York federal court motions late on Tuesday that commercial buyers of aluminum and consumers who purchased aluminum-based products lacked standing to sue under antitrust law because they did not store metal in the defendants’ warehouses or trade on the LME.

With a 3.6 percent increase over the past day, the Indian aluminum cash price was the biggest mover, closing at INR 116.05 ($1.91) per kilogram on Wednesday, April 23. After a 0.5 percent increase, the primary aluminum cash price finished the day on the LME at $1,846 per metric ton. The aluminum 3-month price nudged up 0.5 percent on the LME yesterday, closing at $1,884 per metric ton.

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Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum rose 1.4 percent to CNY 13,150 ($2,108) per metric ton. The price of Chinese aluminum scrap saw little movement at CNY 12,250 ($1,964) per metric ton. For the fifth consecutive day, the price of Chinese aluminum billet held flat at CNY 13,590 ($2,179) per metric ton. The price of Chinese aluminum bar saw essentially no change for the fifth day in a row, remaining around CNY 14,200 ($2,277) per metric ton.

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