Rusal, the world's largest aluminium producer, is expected to see a substantial drop in fourth-quarter profit margin due to lower prices of the metal, although temporary shutdowns by high-cost producers would limit any further downside.
The world's first offshore yuan-denominated spot gold market was launched in Hong Kong yesterday, opening a new window for trading the Chinese currency and enabling the city to strengthen its role as a global gold market.
The London Metal Exchange (LME) will double the amount of metal required to be delivered from the biggest stockpiles to ease a backlog in Detroit, home to a quarter of global stockpiles.
The so-called load-out rate will be increased to a daily minimum of 3,000 metric tons for a warehouse company storing more than 900,000 tons at a single location in April. The new rules may help to remove aluminum faster from warehouses holding the biggest stockpiles. Withdrawing metal from warehouses in Detroit, the only location with stockpiles above 900,000 tons, can take as long as seven months.