20 MAY 2015www.theedgemarkets.com
Press Metal falls 3.39% on the back of low aluminium prices
Edited by : AL CIRCLE
1 min read
Press Metal Bhd ( Financial Dashboard) shares dropped 10 sen or 3.39% to RM2.85 this morning on the heels of a drop in prices of the aluminium futures contract as it is being weighed down by growing supplies.
At 12.30pm, a total of 3.18 million shares were traded. Press Metal (fundamental: 0.95; valuation: 2) shares reached a high of RM2.98 and a low of RM2.84.
Reuters reported today that metal prices are trading lower as the stronger US$ adds pressure on base metals.
The three-month future contract for aluminium traded at US$1,817 on Monday, the lowest since April 24.
It traded at US$1,820 compared to US$1,853 last Friday.
The current prices of aluminium are below producing costs outside China, which could persuade producers to slash capacity.
Reuters said ample supplies of aluminium can be seen in the contango, or discount, of US$36 a tonne for the cash contract over the three-month futures.
Press Metal runs an aluminium smelting and extrusion facility which produces ingots, billets as well as fabricated products like windows, doors, curtain wall cladding for high-rise buildings and apartments, among others.
At 12.30pm, a total of 3.18 million shares were traded. Press Metal (fundamental: 0.95; valuation: 2) shares reached a high of RM2.98 and a low of RM2.84.
Reuters reported today that metal prices are trading lower as the stronger US$ adds pressure on base metals.
The three-month future contract for aluminium traded at US$1,817 on Monday, the lowest since April 24.
It traded at US$1,820 compared to US$1,853 last Friday.
The current prices of aluminium are below producing costs outside China, which could persuade producers to slash capacity.
Reuters said ample supplies of aluminium can be seen in the contango, or discount, of US$36 a tonne for the cash contract over the three-month futures.
Press Metal runs an aluminium smelting and extrusion facility which produces ingots, billets as well as fabricated products like windows, doors, curtain wall cladding for high-rise buildings and apartments, among others.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
The 33rd International Conference and Exhibition of ICSOBA to be held in Dubai from Nov 29 to Dec 1, 2015
Next articleExpansion on cards for Boyne Smelters Ltd
Grow with
AL Circle
