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Alcoa Corp. Market Update

12/8/2022 2:29 PM

Shares of Alcoa Corp., one of the world's largest aluminum producers, are correcting at 46.00.

At the beginning of March 2022, when the US and EU countries imposed the first sanctions on Russian metallurgists, the price of aluminum on the exchange rose to 3.800K dollars per ton, which brought the company a significant benefit, but now the supply situation has normalized, and raw material quotes have fallen to current 2.500K dollars per ton. Against restrictions on Russian manufacturers, Alcoa Corp. is taking decisive steps to eliminate a direct competitor from the market – Novolipetsk Metallurgical Plant (NLMK Group). Thus, the management has already sent three letters to the London Stock Exchange (LME), demanding the termination of trading in Russian metal since its high volumes negatively affect #AA quotes. A week later, the site stated that it did not intend to introduce any bans hindering market pricing and cited strong demand from consumers worldwide.

The issuer's latest quarterly financial report showed a loss per share of –0.33 dollars for the first time since 2020, while revenue fell to 2.85B dollars, down from 3.64B dollars.

On the daily chart of the asset, the trading instrument is moving in a global downtrend.

Technical indicators remain in the state of a weakening local buy signal: the range of EMA fluctuations on the Alligator indicator began to actively narrow, and the histogram of the AO oscillator is forming downward bars, approaching the transition level.

Resistance levels: 50.60, 58.20. | Support levels: 43.40, 33.60.

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