This Morning in Metals: Century Aluminum reports Q1 net loss despite 14% sales jump
This morning in metals news: Century Aluminum released its Q1 financial results; meanwhile, copper prices continue to surge; and natural gas production plummeted during what was a frigid February in the US.
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Century Aluminum releases Q1 financial results
Century Aluminum reported a Q1 net loss of $140 million, compared with a Q4 2020 net loss of $35.5 million.
“First quarter results were negatively impacted by $87.4 million of exceptional items, in particular $92.7 million of unrealized losses on forward derivative contracts (net of tax),” the firm said.
Meanwhile, the firm reported net sales increased by 14% to $444 million, citing higher aluminum prices and regional premiums.
President and CEO Michael Bless said the firm is committed to developing its “low-carbon aluminum products as well as the expansion of our smelters’ exposure to renewable power resources.”
Copper price continues to rise
The copper price has soared to a record high today, Reuters reported.
LME copper reached $10,747.50 per metric ton Monday, the news source reported.
On Friday, LME three-month copper closed at $10,356 per metric ton, or up 15.34% month over month.
Natural gas production down in February
Natural gas output plunged in February amid frigid conditions, the Energy Information Administration reported.
“In February 2021, a record-breaking cold snap hit the Lower 48 states,” the EIA reported. “Extreme winter weather caused natural gas production freeze-offs and higher electricity and commodity prices, especially in the top energy-consuming state, Texas. The cold snap affected natural gas production and industrial sector consumption the most, which had the largest monthly declines on record, while residential sector consumption reached a record high.”
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