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Alcoa hits lowest in 16 months amid aluminum demand concerns

Nov. 19, 2018 4:30 PM ETAlcoa Corporation (AA) StockAA, CENX, FOIL, JJUBy: Carl Surran, SA News Editor8 Comments
  • Alcoa (NYSE:AA) tumbled to its lowest since June 2017, tumbling as much as 10% to $32.25 before closing with a 6.7% loss at $33.49, as aluminum prices fall amid concerns demand may slow at a time when supply prospects are improving.
  • Century Aluminum (NASDAQ:CENX) sank as much as 7.3% before settling 5% lower at $8.87.
  • "The global economy is slowing," and traders are "reflecting this bearish macroview by selling the aluminum shares, even going short," says Harbor Intelligence managing director Jorge Vazquez, adding that in the U.S., the decline in the homebuilder index by the most since 2014 adds to worries over a global slowdown.
  • ETFs: FOIL, JJUB
  • Source: Bloomberg First Word

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