Warehouse metal will be absorbed: Kleinfeld
Jan 09, 2013 | 05:05 PM
| Suzy Waite
Tags
Alcoa,
Klaus Kleinfeld,
Barclays Capital,
David Gagliano,
Davenport & Co.,
Tim Hayes,
London Metal Exchange,
LME
contango
NEW YORK — Speculation is rife over what will happen when London Metal Exchange warehouse financing deals end and some 5.2 million tonnes of aluminum hits the market.
While some say the price will undoubtedly fall, Alcoa Inc. chairman and chief executive officer Klaus Kleinfeld disagrees.
The contango will only disappear when interest rates rise, a sure sign that the world economy and aluminum demand are rising, he said, meaning consumers will absorb the extra metal. ....
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