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Stockreport

Aluminum gains evaporate as U.S. softens sanctions stance [CBS News]

ALCOA (AA)  More Company Research Source: CBS News
Last alcoa earnings: 7/18 04:10 pm Check Earnings Report
US:NYSE Investor Relations: investors.alcoa.com
PDF Aluminum gains evaporate as U.S. softens sanctions stance Aluminum prices are tanking as the U.S. has raised the prospect of easing sanctions on a major Russian metals producer. The U.S. Treasury Department said Monday it would offer a reprieve to Russia's United Co. Rusal as long as oligarch Oleg Deripaska gives up control. In addition, Treasury postponed the deadline for U.S. companies to scale back dealings with Rusal. The statement lessens the risk of a supply shortage, and prices responded quickly. Aluminum plummeted more than 9 percent on Monday. Shares of Alcoa ( AA ) crashed more than 13 percent. "We have seen the peak. This is the beginning of the end of the rally," Jorge Vazquez, managing director at Harbor Intelligence, told CBS MoneyWatch. Prices would likely return to where they stood before the U.S. government moves ignited a rally at the end of last month. Aluminum prices began climbing on March 1 when President Trump said his administration would impose aluminum and [Read more]

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