April 7 – “LME may not launch aluminium premium contract until 2015,” by Eric Onstad and Susan Thomas, Reuters
“The London Metal Exchange may not launch its new aluminium premium contract until early next year, the exchange’s top executive said on Monday, months after a competing product from U.S. rival CME Group Inc is expected to go live.
The distant date for the new LME contract will stir the debate over its ability to resolve the years-long issue of backlogs and inflated physical prices that U.S. end users say are costing the industry $6 billion each year.”
April 8 – “LME to launch aluminum premium contract,” by Bernardo Mariano, Futures Mag
April 9 – “U.S. lawmaker wades into aluminum warehousing controversy,” by Douwe Miedema, Reuters
“A U.S. congressman [Bob Goodlatte] has urged the U.S. commodity regulator to take a tougher stance on the London Metal Exchange as it struggles to resolve a years-long controversy over inflated prices and distorted supplies of aluminum.
The comments – his first in public – show that the issue that has drawn political, legal and regulatory scrutiny for the past year has a growing support base, with end-users finding new allies on Capitol Hill to press their case.”
April 10 – “LME aluminium to peak in $1,866-$1,885 range,” Business Recorder
April 11 – “LME OFFICIALS: Aluminium price volatile on warehousing uncertainty,” Metal Bulletin
” Aluminium prices were volatile during the official session of Friday April 11 on the London Metal Exchange as uncertainty remains over the future of the bourse’s warehousing policy.
Three-month aluminium settled at $1,872/73 per tonne on Friday, compared with $1,882/82.5 on Thursday. “It has been incredibly volatile. Forwards were bidding in the morning, then it collapsed into the afternoon, then we had a rally again,” a category I trader told Metal Bulletin.”
April 14 – “With LME warehouse revamp plan derailed, aluminium gains,” The Hindu Business Line
April 16 – “Judge Refuses LME Right to Appeal Rusal Ruling — Exchange Can Still Seek to Overturn the Ruling Through the Court of Appeal,” by Laura Clarke, The Wall Street Journal
“The London Metal Exchange said Wednesday a U.K. court has refused it the right to appeal a ruling in March that stopped planned reforms to the exchange’s warehousing practices in their tracks. The exchange can still seek to overturn the ruling through the Court of Appeal.
Last month, Russia’s United Co. Rusal, scored a surprise victory when a U.K. High Court judge quashed changes the LME had proposed to address delays in accessing metals. The company, the world’s largest aluminum producer, said the planned changes to the LME’s warehouse rule book would cost it “at the very least tens of millions of pounds.””
April 16 -“As Aluminum Prices Continue to Rise, London Metal Exchange Adds New Hedging Feature,” Minyanville
“The London Metal Exchange (LME) announced a new feature, giving traders more options than ever. Specifically, the exchange will give traders the ability to hedge aluminum prices, as the commodity continues to rise due to lengthy delivery times that have thrown a wrench in a number of supply chains.
The new contract will be physically settled and will cover aluminum in North America, Western Europe, and Asia. A specific launch date for the contract has yet to be set, but it appears that a North American contract will begin trading sometime in May.”
April 17 – “1 Year Aluminum London Metal Exchange (LME) Warehouse Levels,” Investment Mine
April 21 – “Global aluminium price surged by 7 percent during past three weeks,” Scrap Monster