Aluminum commands record premium in US amid economic recovery

Reuters Africa reports that China has ordered local governments to cut a total 2.04 million tonnes of aluminium, copper, lead and zinc smelting capacity in 2011.

Alcoa officials and business leaders dismissed an assertion from GOP presidential candidate Mitt Romney earlier this week that a federal labor board’s actions could threaten jobs at the Alcoa plant in Iowa. “No, we don’t see that happening,” Alcoa spokesman Michael Belwood told The Des Moines Register just before President Barack Obama’s visit to Bettendorf Tuesday. Photo of Mitt Romney 2008 campaign rally is from Wikipedia.

China’s massive appetite for commodities is creating concerns for the global economy, the environment and workers in other countries. In a series of reports, VOA is looking at the economic power modern China wields. Chinese government and company officials are signing agreements at a dizzying pace around the world, including in places where few other foreigners invest.

U.S. aluminum producer Alcoa Inc (AA.N: Quote) said on Friday it won a multiyear contract worth about $1 billion to supply its new, lighter aluminum-based alloys for Airbus commercial aircraft. The news sent Alcoa stock up almost 1.8 percent to $15.55 in early trading on the New York Stock Exchange on a day when the broader market fell. Later in the morning, the shares were up 8 cents to $15.36. Image of an Airbus aircraft, operated by DHL, by Wikimedia Commons

Saudi Arabian Mining Company, also known as Ma’aden, and Alcoa, the aluminium giant, have secured the funds for Ma’aden Bauxite and Alumina Company, which is 74.9% and 25.1% owned by the two companies, respectively. The company will oversee the construction of a bauxite mine and an alumina refinery, which will cost $3.6 billion, part of the $10 billion Ma’aden-Alcoa joint venture project that will also see the construction of an aluminium smelter and rolling mill at Ras Az Zawr.

China's top economic planner on Thursday reiterated a ban on favourable power tariffs for power-intensive sectors as the world's second-largest electricity consumer struggles to deal with its worst power crisis in seven years. Last year, the National Development and Reform Commission (NDRC) asked local governments and power suppliers to cancel favourable power prices for aluminium, ferroalloy and calcium carbide makers, and said preferential power rates for direct trade between power generators and power users but without approval must be halted.

Commodities trader Glencore (GLEN.L: Quote) is not considering a bid for embattled miner ENRC, its chief executive said, dismissing reports of a takeover after it disappointed the market with its maiden frst-quarter results. Shares in the world's largest diversified commodity trader dropped 2 percent as weaker-than-expected results from its metals and mining trading unit held back its operating profit.

Standard & Poor’s has raised its metals price assumptions for 2011 and beyond, citing the increased volatility of the markets but worries […]

Dow Jones reports a recovery in global auto and aerospace demand and continued strength in emerging markets should underpin a sharp rise […]