ARNC - Alcoa plunges 20% in three days as aluminum price touches six-month low

Alcoa (NYSE:AA) -4.9% in Friday's trading to a new YTD low, as aluminum prices plummet to their lowest in nearly six months, as concerns over the prospect of weak economic growth hit metals demand. Three-month aluminum on the London Metal Exchange (LMAHDS03:COM) recently traded -2.8% to $2,685/metric ton, according to Reuters, after touching the lowest since December last year; ETF: (JJU) Alcoa (AA) shares have slumped nearly 20% during the past three days, and peers (CENX), (ACH), (KALU) and (ARNC) also have logged sharp losses. Analysts at Harbor Intelligence forecast this week that aluminum prices will plunge 20% toward $2,300/ton by December, as demand slows and supplies rise in warehouses around the world. Steel producers including (X), (CLF), (MT) and (NUE) also have traded deeply in the red in recent days. "Price pressure is due to uncertainty on growth prospects, weaker demand from the auto sector as well as the

For further details see:

Alcoa plunges 20% in three days as aluminum price touches six-month low