KUALA LUMPUR: Shares in Press Metal
Aluminium Holdings Bhd soared to an all-time high of RM8.12 as aluminium prices on the London Metal Exchange (LME) jumped 6% after the Middle East's two largest producers of the metal came under attack by Iran over the weekend.
Benchmark LME three-month aluminium rose to a two-week high of US$3,492 per metric ton at the start of Monday trading as Gulf smelters Emirates Global Aluminium and Aluminium Bahrain confirmed the attacks to their respective sites and were in the process of assessing damage to their facilities.
According to reports, two employees at Aluminium Bahrain were hurt in Saturday’s attack, while regional peer Emirates Global Aluminium’s site sustained significant damage from missile and drone strikes the same day.
Press Metal is Southeast Asia's largest integrated aluminium producer with an annual smelting capacity of 1.08 million tonnes.
The company's share price soared 51 sen to an intraday high of RM8.12 within minutes of Monday trading, marking the highest-ever intraday trading level recorded by the stock. As at 9.36am, the share was trading 39 sen or 5.12% higher at RM8.
