Rusal, the world’s largest aluminium producer and the operator of major mining companies in Jamaica, has re-ignited its war of words with the London Metal Exchange (LME), saying it has allowed financial speculators to distort prices.
Vladislav Soloviev, Chief Executive Officer of the heavily indebted Russian group, said the price of aluminium traded on the LME has been depressed by as much as 30 per cent by the actions of money-market players. He said the LME price does not reflect the real supply and demand balance.
Mr Soloviev called for the exchange to increase transparency and provide further detail on market activity.
Rusal produces seven per cent of the world’s aluminium. It has also been involved in a bitter legal wrangle with the LME over plans to reform the exchange’s warehousing system and introduce rules to tackle long queues that built up in the aftermath of the global financial crisis.
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