Hong Kong Stock Moves: <b>CHALCO</b> Drops Over 5% as Aluminum Prices Decline on Rising Middle East Production Hopes

Stock News08-13

CHALCO (02600) experienced a decline of more than 5%, trading at HK$8.28 as of the latest update, a drop of 5.69% with a turnover of HK$328 million.

Market sentiment was driven by easing aluminum prices following increased expectations of resumed production in the Middle East. Reports indicate that Emirates Global Aluminium (EGA), one of the region's largest aluminum producers, plans to invest approximately US$400 million to repair and restart its damaged smelter in Abu Dhabi, which was impacted by conflict.

EGA stated in a release that the smelter's output is expected to return to pre-war levels by the first quarter of next year, and the company is actively working to accelerate this timeline. Currently, about 18% of the smelter's electrolytic cells have been restarted, a significant increase from just 7% in early July.

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