Three Barcap traders off base metals desk after rumours of LME losses resurface

Dec 23, 2011 | 07:50 AM |

Three Barclays Capital traders may leave the base metals team after it made losses on its positions in London Metal Exchange contracts, sources told Metal Bulletin. Widespread rumours of departures from the company surfaced this week as a backwardation in the February-March aluminium spread unravelled into a wide contango. Barclays Capital, a ring-dealing member of the exchange, is widely believed to have built a large long position in the February contract which had pushed the spread into backwardation, and the company is thought to have incurred losses running into millions of dollars this....

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