Eastman Kodak Co. has joined a long line of companies accusing a collection of financial and commodities giants of colluding to artificially pump up the price of aluminum.
Kodak filed a lawsuit in US District Court for the Western District of New York, complaining that such parties as Goldman Sachs Group, JPMorgan Chase & Co. and the London Metal Exchange Ltd. were part of a conspiracy to violate the federal Sherman Antitrust Act and New York’s Donnelly Law, USA Today reported. Kodak alleges the defendants hoarded aluminum in warehouses and periodically swapped their holdings among one another.
Kodak is a big user of aluminum for its lithographic printing plates. While the company says it has had to pay artificially inflated aluminum prices because of the conspiracy, Kodak in its suit did not have an estimated amount of how much it has been harmed.
Goldman Sachs called the Kodak suit “without merit and we intend to vigorously contest it.”
Following a three-day flat streak, the Chinese aluminum cash price climbed by 4.2 percent to end at CNY 14,020 ($2,266) per metric ton on Tuesday, July 29. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,295) per metric ton. For the fifth consecutive day, the price of Chinese aluminum billet held flat at CNY 13,590 ($2,196) per metric ton. The price of Chinese aluminum scrap remained essentially flat at CNY 12,250 ($1,980) per metric ton.
The Indian aluminum cash price weakened by 1.4 percent, settling at INR 119.60 ($1.99) per kilogram. On the LME, the aluminum 3-month price declined 1.1 percent to $2,006 per metric ton. The cash price of primary aluminum saw a 1.0 percent decline on the LME to $1,987 per metric ton.