Wed, Jul. 8, 10:40 AM
- Alcoa (AA -4%) tumbles near 52-week lows, with the company set to report quarterly earnings after today's closing bell.
- BMO analysts aren't getting their hopes up for today's release, saying Alcoa is in "the beginning of one of the weakest pricing environments in years" because of the lags associated with LME aluminum, regional premiums and alumina prices, which suggests the continued sharp decline in each during recent months will hurt Q2 and Q3 results.
- Other aluminum producers also are lower, as commodities are thrashed today: ACH -10.4%, CSTM -2.2%, CENX -1.5%, KALU -0.1%.
- Alcoa Q2 earnings previews: I, II
Mon, Jun. 8, 2:19 PM
- Synthesis Energy Systems (SYMX +9.9%) rallies after saying earlier that it has commissioned the first of three planned syngas plants in China's Zibo City.
- The plant uses two SES gasification technology systems supplied by Tianwo-SES and is scheduled to enter commercial operation later this year by its owner, Aluminum Corp. of China (NYSE:ACH); the other two plants in Shanxi and Henan provinces are under construction.
Thu, May 28, 10:09 AM
- Century Aluminum (CENX -9.1%) opens sharply lower after J.P. Morgan's Michael Gambardella slashes his estimates for the company well below Wall Street consensus.
- The analyst reiterates his Underweight rating and cuts his stock price target to $5, as he forecasts a $0.27 loss for CENX's FY 2015 vs. the Street's $1.52 in earnings, citing a weak aluminum pricing environment.
- Also: AA -0.7%, ACH -5.3%, RS -1.2%, NOR -3.4%, CSTM -2.7%, KALU -0.1%.
Thu, May 14, 12:12 PM
- China Aluminum (ACH +10.3%) is sharply higher as China’s government approves plans to merge the rare earth mineral operations of ACH and five other state-owned metal producers.
- It is not yet clear how closely the merged group would coordinate their far-flung operations or whether the merger would take on an independent corporate identity.
Mon, Jan. 26, 11:49 AM
- J.P. Morgan cuts its 2015 aluminum and copper forecasts by ~10%, seeing rising production in China this year while demand remains lukewarm, and downgrades Chalco (ACH -1.7%) to Sell from Neutral.
- ACH has been one of the best performing stocks in China’s metals sector, but JPM says the underlying issue remains the company’s high-cost, loss-making assets within an oversupplied aluminum sector.
- With ACH's high debt and negative free cash flow, the firm also believes the likelihood of an equity raising has increased.
- Copper prices are bumping along at five-year lows, reflecting a worsening outlook for the global economy.
- ETFs: JJC, CPER, CUPM
Dec. 10, 2014, 10:21 AM
- Synthesis Energy Systems (SYMX +17.4%) says it has secured $105M to help build three plants in China that turn coal into synthetic gas.
- The company’s Chinese joint venture partner will build the plants using SYMX technology and expertise; SYMX already has contributed to two plants in China.
- The three plants, located in Shandong, Henan and Shanxi provinces south of Beijing, will supply gas to aluminum smelters belonging to Chalco (NYSE:ACH), China’s biggest aluminum producer.
Oct. 6, 2014, 12:16 PM
- Rio Tinto (RIO +9.8%) skyrockets on a Bloomberg report that Glencore (OTCPK:GLCNF, OTCPK:GLNCY) is laying the groundwork for a potential merger with the company in the next year that would create the world’s largest mining company.
- Glencore is said to have has reached out in recent weeks to Chinese state-backed Chinalco (NYSE:ACH), which is Rio’s largest shareholder with a ~9.8% stake, to gauge its interest in a potential deal.
- However, no talks are yet underway between the two companies, no formal offer has been made, and none is likely before the end of 2014.
Sep. 3, 2014, 9:11 AM
Jan. 21, 2014, 10:35 AM
- Alcoa (AA +5.2%) continues its unlikely march higher, as J.P. Morgan predicts tightening aluminum markets and higher prices will boost earnings.
- "Given the pace and amount at which premiums have recently increased, it is clearly difficult to forecast for how long they will remain near current levels which we believe provide a significant amount of earnings support to [Alcoa]’s primary aluminum smelting operations," the firm writes.
- The firm upgrades AA shares to Overweight from Neutral with a $15 price target, up from $9, and raises Century Aluminum (CENX +5.3%) to Overweight from Underweight with a $13 target, up from $6.
- Also: AWC +5.5%, KALU +0.5%, ACH +0.2%, NOR +4.5%.
Nov. 7, 2013, 3:20 PM
- Alcoa (AA -7.2%) shares tumble as the LME reveals final rules designed to speed the delivery of metal out of its global warehousing network.
- The LME's rule essentially would force warehouses that are home to long waits for metal to deliver out more metal than they take in, a move analysts say could speed the flow of aluminum out of warehouses and pressure prices lower.
- Alcoa, which had criticized proposed changes, now voices support for a "more transparent marketplace" while calling on the exchange to give a clear outline on when it plans to implement the new rules.
- Also: CENX -7.9%, KALU -1.9%, ACH -1.3%, NOR -1.5%.
- Benchmark aluminum futures (JJU) are flat, trading ~$1,822/metric ton, well below the level much of the world's aluminum production requires to break even.
Jun. 14, 2013, 12:45 PM
Jan. 25, 2013, 9:39 AMMongolia's government is asking China's largest coal producer, China Shenhua Energy, to help break a deadlock over terms of a souring coal supply deal with Aluminum Corp. of China (ACH -2.1%). Mongolia, which has huge and as yet lightly exploited mineral reserves, plans to cancel the $250M deal with Chalco it deems undervalued and potentially creates over-reliance on China. | Jan. 25, 2013, 9:39 AM | Comment!
Jun. 26, 2012, 2:55 AMSouthGobi Resources (SGQRF.PK) falls 8.2% in Hong Kong trading to the lowest level since its 2009 listing after the company's operating report raised uncertainties over whether Chalco (ACH) would move ahead with plans to buy a controlling stake in the miner. SouthGobi also said it reduced output in Q2 and warned of deteriorating market conditions. | Jun. 26, 2012, 2:55 AM | Comment!
Apr. 3, 2012, 1:41 PMIvanhoe Mines (IVN -8.6%) dives following a downgrade to Reduce from TD Securities. While considering Chalco's (ACH) offer for subsidiary SouthGobi a positive, the firm also notes Ivanhoe recently filed a downbeat technical report about its Oyu Tolgoi project, one that suggests expenses will be higher than previously forecast, and production at a specific mine will take longer than expected to start. | Apr. 3, 2012, 1:41 PM | Comment!
Mar. 7, 2012, 9:02 AM
Jan. 30, 2012, 11:18 AM
Aluminum Corporation of China Limited is engaged in manufacturing and distribution of alumina, primary aluminum and aluminum fabricated products. It also engaged in the development of bauxite related resources, the production, and fabrication.
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