02 AUGUST 2013Miningweekly.com
Goldman to offer Metro customers immediate access to aluminium
Edited by : AL CIRCLE
1 min read
Goldman Sachs Group said on Wednesday that it would offer customers of its Metro International metals warehouse business immediate access to aluminium held up in queues through an exchange deal with the bank.
"In light of the concerns that end-users have raised about their access to aluminium they are holding in warehouses, Goldman Sachs is contacting end users to offer to swap any aluminium currently in the queue for immediately available aluminium so that they have access to the metal they need to make or package their products," the bank said in a statement outlining ways to speed up aluminium delivery from London Metal Exchange warehouses.
Goldman has come under regulatory and political pressure in recent weeks as major consumers of aluminium have complained about waiting excessive amounts of time to get access to the metal, boosting prices for companies and consumers.
Regulators including the US Department of Justice and the US Commodity Futures Trading Commission have both launched preliminary investigations into Wall Street banks and other large commodity traders who own metal warehouses, Reuters has reported.
"In light of the concerns that end-users have raised about their access to aluminium they are holding in warehouses, Goldman Sachs is contacting end users to offer to swap any aluminium currently in the queue for immediately available aluminium so that they have access to the metal they need to make or package their products," the bank said in a statement outlining ways to speed up aluminium delivery from London Metal Exchange warehouses.
Goldman has come under regulatory and political pressure in recent weeks as major consumers of aluminium have complained about waiting excessive amounts of time to get access to the metal, boosting prices for companies and consumers.
Regulators including the US Department of Justice and the US Commodity Futures Trading Commission have both launched preliminary investigations into Wall Street banks and other large commodity traders who own metal warehouses, Reuters has reported.
Previous article
Calderys Refractory Solutions completes Indonesian Joint Venture and Japanese Acquisition
Next articleChinese aluminium import premiums edge up as LME prices slip
Grow with
AL Circle
