Aluminum........
Leading global Aluminum mining company Alcoa has stuck to its forecast of 7% growth in global aluminium demand this year, led by a roughly 10% increase for aerospace. World Aluminium prices slipped by around 8% during the April-through-June quarter, hurting the aluminium mining and smelting end of Alcoa.
The company reported a second-quarter loss of $US119 million, compared with a loss of $US2 million a year earlier.
However, the other parts of Alcoa's business - the sale of aluminium sheets and parts such as fasteners - are growing as carmakers and aircraft manufacturers use more aluminium for better fuel efficiency.
US consumers who delayed car purchases during the recession bought more than 7.8 million vehicles from January through June, the auto industry's best first half since 2007.This trend is likely to augur well for Alcoa.
Source by Commodity Insights
Leading global Aluminum mining company Alcoa has stuck to its forecast of 7% growth in global aluminium demand this year, led by a roughly 10% increase for aerospace. World Aluminium prices slipped by around 8% during the April-through-June quarter, hurting the aluminium mining and smelting end of Alcoa.
The company reported a second-quarter loss of $US119 million, compared with a loss of $US2 million a year earlier.
However, the other parts of Alcoa's business - the sale of aluminium sheets and parts such as fasteners - are growing as carmakers and aircraft manufacturers use more aluminium for better fuel efficiency.
US consumers who delayed car purchases during the recession bought more than 7.8 million vehicles from January through June, the auto industry's best first half since 2007.This trend is likely to augur well for Alcoa.
Source by Commodity Insights
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