Alcoa, aluminum maker shares down on price drop

NEW YORK, March 5 (Reuters) - Stock in Alcoa Inc fell to a 52-week low on Thursday along with other aluminum producers, as the price of the metal dropped. In afternoon trading on the New York Stock Exchange, Alcoa was down 97 cents, or 15.5 percent, at $5.27, below its previous year-low of $5.43 Monday. Last May, Alcoa stock stood at $44.76. On Nasdaq, Kaiser Aluminum Corp was down 14 percent at $16.95, and Century Aluminum Co lost 17 percent at $1.24. In London, the price of aluminum fell to $1,321 per tonne from $1,345. In New York, it was selling for 59 cents per pound, down from over $1.50 six months ago before the global economic downturn reduced demand for the metal. Analyst Charles Bradford of Bradford Research noted it costs Alcoa 90 cents per pound to make aluminum. 'Everybody is losing money, and it's only a matter of time before people shut down (smelters),' he said. Aluminum producers have already announced production cuts, but Bradford said more is needed to counter the lack of demand and drive up the price.