Supply Disruptions Boost Pricing Across the Aluminum Supply Chain in 1Q but Stocks Remain Overvalued
In the first quarter, the aluminum industry saw one of its most eventful periods in recent memory, with supply disruptions and trade frictions significantly raising the prices of aluminum and alumina. In turn, higher prices have raised near-term profits for the companies under our coverage. We expect prices to remain at elevated levels for the remainder of 2018 before ultimately settling at a midcycle level just below $1,500 per metric ton in real terms.Among the events contributing to aluminu...
Alcoa is a vertically integrated aluminum company comprised of bauxite mining, alumina refining, aluminum production (smelting, casting, and rolling), and energy generation. Through direct and indirect ownership, the company has 30 operating locations in nine countries around the world, situated primarily in Australia, Brazil, Canada, Iceland, Norway, Spain, and United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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