On June 11, Rio Tinto rose 3.05% in pre-market trading, trading at $102.08/share, with trading volume of $3.77 million. The rebound follows reports that Rio Tinto and South32 have proposed record third-quarter aluminum supply premiums to Japanese customers amid tightening global supply caused by Middle East conflict.
Rio Tinto proposed a refined aluminum premium of $460 per ton, while South32 offered $480 per ton. If accepted, these would exceed Q2 supply agreement prices by over $100. Since the Iran war erupted in late February, the near-closure of the Strait of Hormuz has cut off supply from a region accounting for approximately 9% of global capacity, driving London aluminum futures up roughly 17%. Gulf region aluminum output reportedly plunged 35% in April, with analysts warning that material supply shortages could intensify in the coming months.
Within the Diversified Metals & Mining sector, stocks broadly strengthened, with USA Rare Earth up 3.64%, Teck Resources up 3.49%, BHP Billiton up 3.29%, MP Materials up 2.9%, and HudBay Minerals up 1.7%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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