MARKET TALK: Alcoa Takeover Can't Be Ruled Out - Trader

Alumina (AWC.AU) up 7.5% at A$7.34, support emerging above former major resistance at A$7.25 after rise to 9-month high of A$7.40 on Times report that BHP (BHP.AU) and Rio Tinto (RIO.AU) have plans to buy Alcoa, which shares AWAC JV with Alumina. Alcoa up 9.5%. Dealers say rumor is plausible. "In the current M&A environment, you can't rule anything out," says GSJBW sales trader Patrick Crabb. Sustained break above A$7.25 would target record high at A$8.15 on technical view.