Aluminum giant Alcoa (AA
) has sent a letter to the London Metal Exchange urging rule changes to appropriately meet the needs of the aluminum market.
The proposed changes are specifically aimed at the availability of aluminum as well as making the entire industry more transparent. Alcoa CEO Klaus Kleinfeld wishes for the LME to improve its reporting system to increase market efficiency and to improve contracts to better allow traders to hedge against price risk.
Alcoa’s letter comes shortly after the company learned it would be removed from the Dow Jones Industrial Average, an index which it had been a member of since 1959.
Alcoa shares were up 13 cents, or 1.59%, at Wednesday’s close. The stock is down more than 5% YTD.
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