A major Chinese bank sought to buy a trader with top-tier London Metal Exchange access and gold’s rally paused a bit this morning.
CCB in Talks to Buy Metdist
China Construction Bank (CCB) is in talks to buy UK firm Metdist Trading Limited, which would give the country’s second-largest lender by assets access to top-tier trading on the London Metal Exchange, 2 metal industry sources told Reuters. If the deal is successful, CCB will join a growing list of Chinese entities gaining entry to the LME, which sets global benchmark prices of industrial metals including copper, aluminum and zinc.
Gold Rally Pulls Back a Bit
Gold prices pulled back from a 3-month high early Friday on pressure from a stronger dollar and as some investors moved to lock in gains on the recent rally.
The most actively traded gold futures contract, for December delivery, was recently down $6, or 0.5%, at $1,181.50 an ounce on the Comex division of the New York Mercantile Exchange.