Banks: Weak Ruble Will Help UC Rusal’s Q4 EBITDA, Aluminum Gains on the LME

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Russian aluminum producer UC Rusal‘s fourth-quarter core profit is expected to rise sharply because of a slump in the ruble against the dollar, a Reuters poll of seven banks showed. The earnings, to be published on Wednesday, are forecast to rise six times year-on-year and increase 36% compared with the previous quarter.

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Rusal has a primary listing in Hong Kong and secondary listings in Paris and Moscow. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) are forecast to rise to $637 million in the October-December quarter, according to the average forecast in the survey.

With a 0.7% increase over the past day, the cash price of primary aluminum was the biggest mover on the LME, closing at $1,815 per metric ton on Monday, February 23. The Indian aluminum cash price saw a 0.7% decline to INR 111.70 ($1.80) per kilogram. The 3-month price of aluminum rose by 0.5% on the LME to $1,830 on Monday after remaining flat for two days.

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Chinese aluminum prices were flat for the day. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat at CNY 12,500 ($1,999) per metric ton. The price of Chinese aluminum billet remained essentially flat at CNY 12,940 ($2,069) per metric ton. Chinese aluminum bar stayed flat at around CNY 13,700 ($2,191) per metric ton. The cash price of Chinese aluminum saw little movement on Monday at CNY 12,910 ($2,065) per metric ton.

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