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Mon, Aug. 11, 4:31 PM| Comment!
Sun, Aug. 10, 5:35 PM
Wed, Apr. 23, 8:09 AM| Comment!
Wed, Apr. 23, 12:05 AM| Comment!
Tue, Apr. 22, 5:30 PM| Comment!
Wed, Mar. 12, 9:13 AM
Tue, Mar. 11, 4:49 PM
- Noranda Aluminum (NOR) -4.2% AH after announcing a secondary public offering of 10M common shares by Apollo Global Management; NOR will receive no proceeds from the offering.
- NOR also discloses that extraordinary weather production disruptions may result in a $0.03-$0.04 increase in integrated cash cost per pound during Q1 vs. prior expectations; the New Madrid and Gramercy facilities have resumed normal operations after severe winter weather hurt production in January and February.
Wed, Feb. 19, 7:14 AM| Comment!
Wed, Feb. 19, 12:05 AM
Tue, Feb. 18, 5:30 PM
Tue, Jan. 21, 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%.
Dec. 27, 2013, 4:29 AM
- The WSJ shines a light onto "shadow warehouses," a hidden system of facilities that store tens of millions of tons of aluminum, copper, nickel and zinc across the globe for banks, hedge funds and commodity merchants.
- The warehouses operate outside the London Metal Exchange's system, are unregulated, and don't provide details of their holdings. As a result, it's unclear how much metal is held in the shadow system. This lack of visibility could cause major price swings.
- The WSJ article follows allegations that warehousing companies have artificially boosted the price of metals, particularly aluminum.
- Companies that operate metals warehouses include Goldman Sachs (GS), Glencore Xstrata (GLCNF) and JPMorgan (JPM), although the latter is looking to sell its commodities unit.
- Relevant tickers include VALE, AA, AWC, KALU, MNSF, CENX, NOR, BHP, RIO, ACH.
- ETFs: DBC, JJC, DBB, DJP, GSG, RJI, GCC, USCI, CFD, JJN, JJT, BOM, RGRC, CPER, CTF, RJZ, GSC, LSC, GSP, JJU, DEE, BDD, BOS, JJM, DYY, DDP, DJCI, LD, CMD, BCM, CUPM, UCI, RGRI, UCD, UBM, FOIL, BDG, LEDD, CMDT, SBV, USMI, DPU, NINI, FTGC, CSCB, CSCR, HEVY
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.
Oct. 30, 2013, 8:16 AM
Oct. 30, 2013, 12:05 AM| Comment!
Oct. 29, 2013, 5:30 PM| 1 Comment
NOR vs. ETF Alternatives
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