Spencer Jakab, writing in the Wall Street Journal, throws down quite a gauntlet – that Alcoa is no longer the industrial bellwether it has long been thought to be.
He mentions something that is not new to us, or to MetalMiner readers; that one needs to look to China to see where the industrial metals markets are headed, and the case is no different for aluminum. The oversupply issues alone are enough to take and hold focus, as earnings statements and prognostications are about to fly.
Where are current aluminum prices?
The aluminum 3-month price saw the biggest upwards shift for the day, rising 5.0 percent on the LME to close at $1,809 per metric ton on Friday, July 5. On the LME, the primary aluminum cash price fell 0.4 percent to $1,768 per metric ton. The cash price of primary Indian aluminum gained 0.2 percent.
Chinese aluminum closed mixed last Friday. Chinese aluminum billet finished the day down 0.7 percent. The cash price of Chinese aluminum declined 0.1 percent. The price of Chinese aluminum scrap showed little movement last Friday. For the fifth consecutive day, the price of Chinese aluminum bar held flat.