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Thread: Kodak alleges aluminum pricing conspiracy

  1. #1

    Default Kodak alleges aluminum pricing conspiracy

    Found this article in an e-mail from Ed Steers, Casey Research.

    Kodak alleges aluminum pricing conspiracy
    Matthew Daneman, Staff writer
    10:16 p.m. EDT July 29, 2014
    Democrat & Chronicle

    Eastman Kodak Co. has joined a long line of companies accusing a collection of financial and commodities giants of colluding to artificially pump up the price of aluminum.

    Kodak filed a lawsuit in U.S. District Court for the Western District of New York, complaining that such parties as Goldman Sachs Group Inc., JPMorgan Chase & Co. and the London Metal Exchange Ltd. were part of a conspiracy to violate the federal Sherman Antitrust Act and New York's Donnelly Law.

    The defendants are facing dozens of similar such suits that were filed around the country before being consolidated in December 2013 to the Southern District of New York and Judge Katherine B. Forrest.
    ...
    The Kodak suit also cites global aluminum production and consumption data to argue that "there is a substantial oversupply of aluminum, especially considering the vast supplies of aluminum held in warehouses."

    Kodak alleges the defendants hoarded aluminum in warehouses and periodically swapped their holdings among one another "in order to add to the artificial scarcity and conceal the conspiracy."

    A JPMorgan spokesman said Tuesday the company declined to comment. In a statement Tuesday, Goldman Sachs called the Kodak suit "without merit and we intend to vigorously contest it."
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  2. #2

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    Here Come The Bombshells—–Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert

    http://davidstockmanscontracorner.com/here-come-the-bombshells-chinese-billionaire-linked-to-giant-aluminum-stockpile-in-mexican-desert/



    An aerial view of the aluminum stockpile around Aluminicaste Fundición de México’s San José Iturbide plant in June 2016. PHOTO: MIKE RAPPORT



    Two years ago, a California aluminum executive commissioned a pilot to fly over the Mexican town of San José Iturbide, at the foot of the Sierra Gorda mountains, and snap aerial photos of a remote desert factory.


    He made a startling discovery. Nearly one million metric tons of aluminum sat neatly stacked behind a fortress of barbed-wire fences. The stockpile, worth some $2 billion and representing roughly 6% of the world’s total inventory—enough to churn out 2.2 million Ford F-150s or 77 billion beer cans—quickly became an obsession for the U.S. aluminum industry.


    Now it is a new source of tension in U.S.-Chinese trade relations. U.S. executives contend that the mysterious cache was part of a brazen scheme by one of China’s richest men to game the global trade system.
    What's the Frequency, Kenneth?

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  3. #3

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    Wherever there's a profit to be "squeezed" out of us, the economy or anything else, there will be someone, somewhere, who will game the system

    Buying and storing commodities is one thing, manipulating the price on false swaps/etc, is another thing all together
    Honor for US, Justice for Our Children! Now!

  4. #4

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    Quote Originally Posted by redraspberry View Post
    Here Come The Bombshells—–Chinese Billionaire Linked to Giant Aluminum Stockpile in Mexican Desert

    http://davidstockmanscontracorner.com/here-come-the-bombshells-chinese-billionaire-linked-to-giant-aluminum-stockpile-in-mexican-desert/



    An aerial view of the aluminum stockpile around Aluminicaste Fundición de México’s San José Iturbide plant in June 2016. PHOTO: MIKE RAPPORT



    Two years ago, a California aluminum executive commissioned a pilot to fly over the Mexican town of San José Iturbide, at the foot of the Sierra Gorda mountains, and snap aerial photos of a remote desert factory.


    He made a startling discovery. Nearly one million metric tons of aluminum sat neatly stacked behind a fortress of barbed-wire fences. The stockpile, worth some $2 billion and representing roughly 6% of the world’s total inventory—enough to churn out 2.2 million Ford F-150s or 77 billion beer cans—quickly became an obsession for the U.S. aluminum industry.


    Now it is a new source of tension in U.S.-Chinese trade relations. U.S. executives contend that the mysterious cache was part of a brazen scheme by one of China’s richest men to game the global trade system.
    Even with a stockpile that big they can't get anywhere close to a corner on the market. The silver corner by the Hunt Brothers was pretty brilliant, going to be a hell of a lot harder to corner a major commodity like aluminum.

  5. #5

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    This aluminum mogul doesn't want to corner the market, read on. Meanwhile, Alcoa went from 30 to 10 in the last year even though.

    https://www.alcircle.com/news/huge-a...-vietnam-26481

    https://agmetalminer.com/2016/12/29/...-out-of-china/

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