Aluminum prices are approaching 10-year highs, with Aluminum forwards on the London Metal Exchange climbing to about $2,650 a metric ton, about 80% higher versus May 2020 levels. This should prove positive for Alcoa (NYSE:AA), a mining giant engaged in Aluminum, Alumina, and Bauxite mining.
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While surging demand following the Covid-19 re-opening and logistics issues have been a factor driving up prices, stricter environmental regulations in China – the largest producer and consumer of the metal – have also hurt supply.
Alcoa’s profits over Q2 2021 reached record highs. The stock has rallied by almost 90% this year.
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