Feb. 2 (Bloomberg) -- Alumina Ltd. shares rose the most in three weeks in Sydney trading today after its partner Alcoa Inc., the largest U.S. aluminum maker, said it’s seeing a return to “boom times” in some areas.
Alcoa Chief Executive Officer Klaus Kleinfeld told CNBC yesterday that business was much better than a year ago, led by improved demand for the metal in Asia, the Middle East and Brazil. Alcoa rose by 5 percent yesterday in New York trading, its biggest gain in more than three weeks.
“A rise in Alcoa is generally a very good guide for a rise in Alumina,” said Chris Weston, an institutional dealer at IG Markets in Melbourne. Alumina gained 4.5 percent to A$1.635 at 10:24 a.m. Sydney time on the Australian stock exchange.
Melbourne-based Alumina owns 40 percent of the Alcoa World Alumina & Chemical venture and Alcoa the balance. The venture produces one quarter of the world’s alumina, which is refined into aluminum.
To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net
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