Glencore Plc, one of the world’s largest mining companies, has asked a US judge to dismiss it as a defendant from a nationwide antitrust litigation over the alleged manipulation of aluminum prices.
In a Monday night filing with the U.S. District Court in Manhattan, Glencore said it lacks minimal contacts with New York, Michigan and California, where the alleged violations took place, and does not even conduct any business in those states.
For the purposes of the filing, Glencore’s attorneys wrote, the company is a New Jersey-based holding company with offices in Baar, Switzerland, and as a result has never bought or sold physical aluminum, London Metal Exchange warrants or LME aluminum futures, and never owned or operated warehouses.
On Monday, August 4, the day’s biggest mover was the cash price of primary aluminum, which saw a 2.6 percent decline on the LME to $1,964 per metric ton. The aluminum 3-month price declined 2.5 percent on the LME to $1,970 per metric ton, after two days of improvement. The cash price of primary Indian aluminum declined 0.4 percent to INR 121.60 ($2.00) per kilogram.
Chinese aluminum prices were flat for the day. The price of Chinese aluminum scrap continues hovering around CNY 12,250 ($1,982) per metric ton for the fifth day in a row. The price of Chinese aluminum billet held steady at CNY 13,590 ($2,199) per metric ton. For the fifth consecutive day, the price of Chinese aluminum bar held flat at CNY 14,200 ($2,298) per metric ton. The cash price of Chinese aluminum showed little movement on Monday at CNY 13,930 ($2,254) per metric ton.