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China, trade wars dent Alcoa’s demand hopes

Claudia Assis
China, trade wars dent Alcoa’s demand hopes

Alcoa Corp. expects lower demand growth worldwide for aluminium even amid dwindling inventories of the metal, thanks to a double whammy of trade tensions and macroeconomic headwinds, it said late Wednesday. Shares of Alcoa (AA) fell in the extended session after the aluminium and alumina producer posted a narrower-than-expected second quarter loss but raised the concerns about demand — and the implications for the global economy. Alcoa said it estimates global aluminum demand growth for 2019 between 1.25% and 2.25% this year, down from a previous estimate of growth between 2% and 3%.