Press Metal shares down as aluminium prices plunge

The research house said Press Metal had locked in most of its alumina requirement for 2018 based on the formula tied to the LME spot price movement with aluminium prices for a portion of its 2018 sales volume unhedged.

PETALING JAYA: Shares in Press Metal Aluminium Holdings Bhd took a hit as global aluminium prices plunged, following indications of lighter US sanctions against Russia’s United Co Rusal.

Press Metal shares closed lower by 31 sen or 6.1% at RM4.79.