Goldman Sachs Group Inc. on Monday ended its 4-year ownership of its metal-warehousing unit, unloading it to an investment firm run by two British brothers, the Wall Street Journal reported.
Just last month, Goldman executives were grilled before a US Senate panel about accusations that the warehousing unit, Metro International Trade Services, withheld metal supplies and drove up aluminum prices in the US.
Terms of the sale to Reuben Brothers, an investment firm based in Switzerland and founded by brothers David and Simon Reuben, weren’t disclosed.
The two brothers made much of their fortune in the aluminum industry, most prominently in Russia in the 1990s. Their eponymous firm has also been an active property investor of late and was mentioned earlier this year as a contender to buy the Plaza Hotel in New York.
The cash price of primary Chinese aluminum closed up Monday, December 22 at CNY 13,100 ($2,106) per metric ton, halting two days of weakening prices with a 0.3% shift. The price of Chinese aluminum bar rose 0.3% to CNY 13,110 ($2,108) per metric ton after a two-day drop. The price of Chinese aluminum billet saw little movement at CNY 13,700 ($2,203) per metric ton. The price of Chinese aluminum scrap showed little movement yesterday at CNY 12,900 ($2,074) per metric ton.
Following a two-day drop, the cash price of primary Indian aluminum increased by 0.2% to INR 120.85 ($1.91) per kilogram. The primary aluminum cash price saw little price change on Monday on the LME at $1,888 per metric ton. On the LME, the 3-month price of aluminum held steady around $1,917 per metric ton.