Commodities Comment-LME positioning data:Lead a net short after last week’s sell-off

US GDP rose at an annualised rate of 5.0% in 3Q 2014 (1.2% QoQ),according to the Bureau of Economic Analysis’s third estimate releasedon Friday, a faster pace than the 3.9% of their previous estimate and thefastest quarterly growth rate since 3Q 2013. The year-on-year growth rateonly edged higher to 2.7% from 2.6%, a reflection of the 3Q last year alsobeing strong (up 4.5% annualised). Metals prices were unmoved however,with declines almost across the board and LME tin hit particularly hardafter the liquidation of a large (for tin) position in the UK morning, withprices losing 3.4% on the day to close below $18,400/t.

    Rio Tinto Alcan said they will keep output at its Arvida aluminium smelterin Canada at full capacity in 2015 as they have reached an agreementwith the local government to provide the necessary operating permits andcompetitive energy rates. Arvida produces 176ktpa aluminium in the formof extrusion billets and is a leading supplier of value-added aluminiumbillet for the North American market. Meanwhile in China, Dongxingsmelter in Gansu plans to restart 200ktpa of capacity next year as well asSanmenxia Tianyuan smelter, which is also going to restart partial idledcapacity after two years’ shut down (100ktpa capacity), according to localnews. Lower energy costs are the main reason for the restarts.

    Goldman Sachs has sold its Metro metals warehousing subsidiary to privateequity group Reuben Brothers, the bank announced on Monday. The movewas expected