43.40 -0.39 (-0.89%)
Pre-Market: 9:01AM EDT
|Bid||43.40 x 1800|
|Ask||43.60 x 1400|
|Day's Range||42.92 - 44.00|
|52 Week Range||40.03 - 62.35|
|PE Ratio (TTM)||58.00|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The Shanghai Futures Exchange (ShFE) aims to release a draft of an alumina futures contract in late 2018 or early 2019, after requests from the market to create a price benchmark for the feedstock used to make aluminium, an official said on Thursday. "We believe that by the end of this year or by the beginning of next year we will release a draft for discussion in public," Zhang Zhiyong, the head of ShFE's non-ferrous metals department, told AZ China's aluminium and raw materials conference in Shanghai. China's major commodity exchanges have been rushing to launch futures contracts on a range of products - from dates to electricity - in recent years as they move to tap investor risk appetite and offer the country's vast industrial sector ways to protect revenue.
Metals and mining stocks are showing strength. As of 1:00 PM EDT on September 18, Freeport-McMoRan (FCX) and Alcoa (AA) have risen 2.9% and 1.1%, respectively. In the steel space, U.S. Steel Corporation (X) and Cleveland-Cliffs (CLF) are trading with gains of 2.5% and 3.1%, respectively.
After a corporate spin-off two years ago that resulted in two companies working out of the same North Shore headquarters, Alcoa Corp. (NYSE: AA) is now in the market scouting for a new office in Pittsburgh. The company, a smaller version of the corporate manufacturer that’s been a cornerstone of Pittsburgh for generations, has been considering a host of buildings in and around downtown, including on the North Shore, according to sources familiar with the search who spoke anonymously to maintain their business relationships. Joyce Saltzman, a spokeswoman for Alcoa, declined to confirm whether Alcoa is scouting for space, saying only that the company wouldn’t comment on rumors.
Alcoa (AA) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
Earlier this year, President Trump imposed tariffs on US steel and aluminum imports. US steel companies like U.S. Steel Corporation (X) and AK Steel (AKS) have blamed more imports for their woes. Notably, China’s share in the global steel and aluminum markets has grown multi-fold.
In the previous article, we looked at some of Alcoa’s (AA) bearish drivers. As Alcoa is long on alumina, the company benefits from higher alumina prices. Earlier this year, the sanctions lifted alumina prices to an all-time high, while aluminum also rallied to seven-year highs.
Alcoa (AA), the leading US-based aluminum producer, is having a terrible year. Century Aluminum (CENX) has lost almost 40%, while Rio Tinto (RIO) has fallen 5.5%. Aluminum has seen a selling spree after prices hit multiyear highs in April after President Trump imposed sanctions on Russian aluminum producer RUSAL.
There are attractive valuations in industrial stocks, Morgan Stanley said in a note to clients. Atop the list of attractively priced industrials is Alcoa Corp. , which has been hurt this year in the face of Donald Trump's tariffs binge, which slapped big taxes on imported aluminum.
President Trump has chided US companies for shifting manufacturing overseas. The Trump administration has used tariffs to cajole US companies to shift some of their offshore production back into the United States (SPY). Last week, Trump said in a tweet, “Apple prices may increase because of the massive Tariffs we may be imposing on China – but there is an easy solution where there would be ZERO tax, and indeed a tax incentive.
Shares of Alcoa Corp. rose 1% in premarket trade, after B. Riley FBR analyst Lucas Pipes turned bullish on the aluminum producer, saying higher than expected alumina prices should benefit the company's near-term outlook and earnings power. Pipes raised his rating to buy from neutral, and raised his price target to $50, which is 22% above Tuesday's closing price, from $48. He said the recent weakness in the stock stems primarily from increasing macro concerns and trouble spots in copper, which he believes "opens up an attractive valuation point for Alcoa." Pipes said the aluminum market is projected to remain tight as demand outpaces supply through 2020 by 2.5% average annual growth. The stock had tumbled 17% over the past three months through Tuesday, while the S&P 500 has gained 3.6%.
Is the US-China Trade War Inevitable Now? In March, President Trump imposed a 10% tariff on US aluminum imports apparently to protect US aluminum producers from imports. In the past, Alcoa (AA) has requested President Trump address the core issue of Chinese overcapacity that’s haunting not just US producers but global aluminum producers.
Workers at Alcoa's alumina and bauxite operations in Western Australia have voted to reject a proposed workplace agreement and will continue to strike, a trade union said on Friday. Around 1,500 staff at three alumina refineries and two bauxite mines walked out on Aug. 8 over a new workplace agreement they say does not offer sufficient job security.
This article is intended for those of you who are at the beginning of your investing journey and want to learn about the link between company’s fundamentals and stock marketRead More...
Australian shares fell sharply on Friday, as the end of a consultation period on a proposed expansion of U.S. tariffs against Chinese goods sent investors running for cover and financial stocks continued their gloomy run. The S&P/ASX 200 index dropped 0.7 percent, or 42.3 points to 6,118.1 by 0200 GMT, and is set for a seventh day of losses. Financial stocks are set to extend their losses to a seventh session, with a 0.4 percent fall on Friday coming after three of the so-called "Big Four" banks raised their mortgage rates.
Miner Alcoa said industrial action at its Western Australian operations had cut 15,000 tonnes of alumina output in August, and that it would continue to monitor the situation. A strike at Alcoa's alumina ...
The Section 232 tariffs imposed by President Trump have a scope for exemptions. The exemptions are on two levels. First, there are country exemptions that South Korea and Australia have received. Along with the country exemptions, the Trump administration has also allowed for product exemptions for steel and aluminum products that cannot be manufactured in the country. Incidentally, even Alcoa (AA), the leading US-based aluminum producer, has applied for exemptions for some aluminum products it ships from Canada to the United States (SPY). ...
Alcoa's alumina production has likely been hit by a four-week strike at its Western Australian operations, the Australian Workers' Union said on Wednesday, raising the prospect of a widening supply deficit in the key aluminium-making ingredient. A spokeswoman said Alcoa had no additional comment on Wednesday, after it had said there has been no significant impact on output from the strike that began on Aug. 8. A vote by the striking workers on whether to accept a new workplace agreement is due to close on Thursday, with the union anticipating a strong "no" vote that could prolong the industrial action.
Earlier this year, President Trump imposed a 25% tariff on US steel imports and a 10% tariff on aluminum imports. The tariffs were imposed after the Commerce Department’s findings found that steel and aluminum imports are a threat to US national security. After the tariffs, US steel prices rose to multiyear highs. US Midwest physical aluminum premiums also spiked. However, steel and aluminum stocks haven’t really found favor with markets despite the tariffs.
President Trump has imposed tariffs on billions of dollars of Chinese goods. More tariffs have been proposed. Along with these China-specific tariffs, there are also the Section 232 tariffs on US steel and aluminum imports, which cover several other countries.
Two global aluminium producers have offered Japanese buyers lower premiums for primary metal shipments for the October to December quarter, two sources directly involved in the pricing talks said on Tuesday. The producers offered shipments at premiums of $112 and $115 per tonne above the London Metal Exchange (LME) cash price , the sources said. The offers reflect the weak supply and demand fundamentals in Asia and low spot premiums of below $100 per tonne, the sources said.
A vote by striking workers at Alcoa's (AA.N) giant west Australian operations will close on Thursday, with the union anticipating a strong "no" vote that could prolong the four-week old strike. Around 1,500 workers at three alumina refineries and two bauxite mines in Western Australia state walked out on Aug. 8 over a new workplace agreement that they say does not offer sufficient job security. The refineries account for around 9.3 million tonnes of capacity or some 8 percent of the world supply of alumina, which is used to make aluminum.
Alcoa (AA) has seen upward price action in August. The stock has risen 4.3% in August, while it’s still down 16.2% YTD (year-to-date). Century Aluminum (CENX) and Rio Tinto (RIO) have fallen 33.8% and 1.8%, respectively, YTD. So far, the SPDR Dow Jones Industrial Average ETF (DIA) has risen 7.0% in 2018 based on the closing prices on August 29.
Concerns about China’s economic growth have taken a toll on base metal prices (FCX) (AA). Some of China’s recent economic indicators like fixed-asset investment, industrial production, and retail sales were lower compared to analysts’ expectations. As we noted while analyzing China’s July trade data, higher imports were likely due to a deflection of imports from India to China following the closure of Vedanta’s India smelter.