United Co. Rusal, the world’s largest aluminum maker, rose to a record in Hong Kong on optimism higher metal prices may boost its earnings.
Rusal gained by as much as 8.1 percent to HK$11, the highest since its Jan. 27 debut, and traded at HK$10.98 as of 11:16 a.m. local time. Aluminum prices in London have gained 26 percent since the end of 2008, touching a six-month high of $2,459 a ton on Oct. 14.
The Federal Reserve said on Nov. 3 it will buy an extra $600 billion of Treasuries to accelerate economic growth, cut unemployment and avert deflation. Metal prices in London surged as the decision boosted the outlook for demand.
“Rusal stands to benefit from the stronger aluminum prices in an overall commodity price rally,” said Helen Lau, a Hong Kong-based analyst at UOB-Kay Hian Ltd.
Moscow-based Rusal, which beat analyst forecasts for second-quarter profit, will report its third-quarter earnings on Nov. 12. Aluminum prices may rise next year as China scales back production, Rusal said in September.
The price of aluminum may rise to as much as $2,500 a metric ton in 2011, Rusal First Deputy Chief Executive Officer Vladislav Soloviev said Sept. 21. China may become a net importer as domestic smelters cut output to curb costs and reduce power consumption, he said.
豫公网安备41010502003434号