Goldman Sachs and LME dispute beer maker on aluminium price
Post Date: 27 Jul 2013 Viewed: 382
Bloomberg quoted Goldman Sachs Group and the London Metal Exchange as saying that commodity prices fell in recent years, countering claims of rising costs by beverage companies.
Goldman said that delivered aluminum prices are nearly 40% lower than they were in 2006 and the LME said there is no reported shortage of the metal.
MillerCoors a SABMiller and Molson Coors Brewing venture said that unfair LME rules used by Goldman, JPMorgan Chase and other warehouse owners boost costs and delay shipments. Senator Sherrod Brown, the committee chairman plans to ask the Federal Reserve to explain why it allows banks to control raw material supplies while trading in commodity markets.