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Business Week reported Alcoa Inc. (NYSE:AA) surged after the price of aluminum rose the most in 10 months in London trading.
Business Week reported Alcoa Inc. (NYSE:AA) surged after the price of aluminum rose the most in 10 months in London trading.
As quoted in the market news:
Alcoa gained 51 cents, or 5.4 percent, to $9.88 as of 4:15 p.m. in New York Stock Exchange composite trading. Aluminum for delivery in three months increased as much as 3.4 percent to $2,244.75 a metric ton on the London Metal Exchange, the biggest intraday increase since Dec. 1.
Alcoa Chief Executive Officer Klaus Kleinfeld said in July global aluminum demand will increase 12 percent in 2011 and double by the end of the decade as Asian countries build more office blocks and buy more aircraft, cars and trains. Alcoa said last month it’s spending $300 million to expand its Davenport, Iowa, rolled-products plant to meet rising demand from automakers.
