It was another soap opera week in the intriguing, drama-filled world of aluminum. JPMorgan Chase, the London Metal Exchange and Goldman Sachs Group argued in federal court that a lawsuit charging the three with pushing aluminum prices from 2009 to 2011 should be dismissed. Another hearing had been scheduled for today – we’ll have another follow-up early next week.
Meanwhile, the dispute over load-in and load-out prices on the LME for actual aluminum buyers continues unabated as the CME Group comes closer to launching its own aluminum futures contract this May. MetalMiner will even be hosting a webinar on what you need to know about all-in contract prices.
Despite the newsy week for aluminum, prices didn’t move all that much. The week’s biggest mover on the weekly Aluminum MMI® was the Indian aluminum cash price, which saw a 3.1 percent increase to INR 116.05 ($1.90) per kilogram. Last week marked the fourth in a row of rising prices for the metal. The 3-month price of aluminum rose 0.3 percent on the LME over the past week to $1,874 per metric ton. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the cash price of primary aluminum increased by 0.1 percent on the LME, landing at $1,835 per metric ton.
Chinese aluminum prices were mixed for the week. At CNY 13,300 ($2,132) per metric ton, the cash price of Chinese aluminum finished the week 3.0 percent higher. Chinese aluminum bar prices held steady from the previous week at CNY 14,200 ($2,276) per metric ton. Closing at CNY 13,590 ($2,179) per metric ton, Chinese aluminum billet remained unchanged for the week.
At KRW 3,740 ($3.60) per kilogram, the week finished with no movement for Korean 3003 coil premium over 1050 sheet. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,890 ($3.74) per kilogram. At EUR 2,486 ($3,423) per metric ton, the price of European 5083 plate did not change since the previous week. Closing at EUR 2,052 ($2,825) per metric ton, European 1050 aluminum remained unchanged for the 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.