So just read this article and see that Aluminium has reached a 20 month high, yet, once AWC touched $1.88, it has been all downhill. I can only assume that whatever rumours were floating around have been proven to be unfounded, thouhgt we would be looking at $2 by now
Australian shares bounced on Monday as miners rejoiced on higher metals prices, with the benchmark metal index soaring to its highest in more than two years.
The S&P/ASX 200 index (xjo) rose 0.6 percent or 32.98 points to 5754.6 by 0025 GMT. The benchmark lost 0.6 percent last week.
Basic material stocks outperformed thanks to strong copper prices that hit a five-week peak on Friday, while aluminium jumped to its highest in nearly 20 months, after solid economic data from top metals consumer China and the United States fuelled optimism about metals demand. [MET/L]
The metal index .AXMM rose as much as 1.8 percent, with heavyweights BHP Billiton Ltd (BHP) hitting its highest in seventeen months, and Rio Tinto Ltd (RIO) rising as much as 2 percent.
Smaller iron-ore miner Fortescue Metals Group (FMG) rose 2.0 percent and was among the top gainers.
AWC Price at posting:
$1.76 Sentiment: Hold Disclosure: Held
