Losing money and laying off workers is a crappy experience for the media. I like my free high quality news as much as the next guy but the current system of free riding isn't working. Can't blame them for trying.
$25 MM at $1820 per ton (prompt price on LME) yields about 1170 cubic feet of aluminium. So a 10' x 10' x 12' rectangle of metal. Of course, these things come in standardized ingots... so a bit bigger.
Can we add a unit to the title here on HN? The only reason I clicked through was to see what unit the 25M was in. 25 million grams? 25 million milligrams? 25 million rupees?
NO kidding, I thought they meant 25 MM Tonne. Who the hell quotes commodities as an amount of money? The price of LME aluminium went from about $1720/MT a month ago to $1825/MT today. I've gone through the entire article and still don't know exactly how much metal they seized.
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[ 3.3 ms ] story [ 53.3 ms ] threadweb link has stopped getting me around the paywall. Isn't it against HN policy to link to sites with paywalls?
Now is it bad form, maybe...
Context: there is all manner of strange stuff going on in the aluminium market, especially in relation to futures and warehousing.
e.g. https://www.fastmarkets.com/base-metals-news/aluminium/timel...
https://ftalphaville.ft.com/2011/05/18/572046/please-wait-10...
https://ftalphaville.ft.com/2014/01/16/1744342/an-aluminium-...
More & more sites are doing this. Its such a crappy experience.
(it's $25 million USD)