CFTC subpoenas metal warehouse companies

|By:, SA News Editor

The Commodity Futures Trading Commission has reportedly subpoenaed Goldman Sachs (GS), JPMorgan (JPM), Glencore Xstrata (GLCNF.PK) and their subsidiaries for documents relating to warehouses they operate for aluminum and other metals.

The agency has requested information dating back to January 2010; it also wants documents relevant to the companies' relationships with the London Metals Exchange.

The CFTC's investigation follows allegations that the activities of warehousing companies have artificially boosted the price of metals, particularly aluminum.

Earlier speculation said the CFTC had sent subpoenas to an unnamed metals warehousing firm.