Goldman Sachs' Policy: "Deny Everything!"; LME Price of Aluminum Up

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Well, Goldman has at least denied our favorite part of the recent NY Times story:

Via Reuters: “Goldman Sachs Group Inc has issued its first public rebuttal of mounting criticism of its metals warehousing unit, denying that Metro International Trade Services has deliberately caused aluminum shortages and inflated prices. In a statement on Tuesday, the bank said Metro denied that its metals warehousing unit has moved aluminum from warehouse to warehouse in order to earn more rent.”

Meanwhile, the aluminum 3-month price saw the biggest upwards shift for the day, rising 1.3 percent on the LME to close at $1,841 per metric ton on Tuesday, July 23. On the LME, the primary aluminum cash price gained 1.2 percent to finish at $1,794 per metric ton.

The cash price of primary Indian aluminum increased 0.8 percent.

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Chinese aluminum prices closed flat for the day.

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