CENX - Why Century Aluminum Stock Is Falling Today
2023-07-11 13:54:17 ET
A Wall Street analyst is bearish on aluminum right now and says Century Aluminum (NASDAQ: CENX) is more vulnerable to a slowdown than its peers. Investors are taking the warning to heart, sending shares of Century down as much as 11% on Tuesday.
It has been a tough year for aluminum prices, with the metal peaking at more than $2,600 per ton on the London Metal Exchange back in January but down near $2,100 per ton today. Demand for the metal is cyclical , and with uncertainty about global economies in the face of rising rates there is no clear reason to believe pricing will improve in the quarters to come.
That's not great news for aluminum producers including Century, a metals and mining company with operations in the U.S., Iceland, Jamaica, and the Netherlands.
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Why Century Aluminum Stock Is Falling Today