Feb. 3 (Bloomberg) -- United Co. Rusal Ltd., the world’s largest aluminum producer, rose for the first time since its Hong Kong trading debut as prices for aluminum extended gains.
The company, controlled by billionaire Oleg Deripaska, gained 1.8 percent to HK$9.52 ($1.23) a share on the Hong Kong Stock Exchange, its sixth day of trading. Shares were sold last month at HK$10.80 each.
“The commodity theme is back,” said Chris Weafer, chief strategist at UralSib Financial Corp. in Moscow. “A reversal in the dollar rally and evidence of continued economic recovery in the U.S. encourage investors to look at commodities and Rusal is seen as one of the highest risk, highest reward options.”
Aluminum for delivery in three months advanced 1.2 percent to $2,145 a metric ton on the London Metal Exchange at 9 a.m. local time after rising 2 percent the previous two sessions.
Rusal recently paid off $2 billion of debt with its IPO proceeds and is “moving fast” to resume investment projects, Deputy Chief Executive Officer Artem Volynets said yesterday in an interview broadcast on Russia’s RBC Television.
To contact the reporter on this story: Yuriy Humber in Moscow at yhumber@bloomberg.net
豫公网安备41010502003434号