Why Alcoa, Southern Copper, and Other Metal Mining Stocks Are Soaring Today
Century Aluminum Company (NASDAQ: CENX) shares are leading metal stocks higher with a 10.9% advance as of 2:13 p.m. ET, followed closely by similar gains from Alcoa (NYSE: AA), Southern Copper (NYSE: SCCO), and Rio Tinto Group (NYSE: RIO). While metal pricing has been tepid of late, headlines suggest it might be on the verge of improvement.
That's far from being a guarantee, however.
Thank Alcoa, mostly. The aluminum company is publicly calling for government sanctions on metals exported from Russia, as well as bans on metals sold to Russian buyers. Separately but simultaneously, Alcoa is requesting the London Metal Exchange delist any Russian metals from its trading platform. The company argues the mere presence of Russian metals in the global marketplace not only damages the credibility of the exchange, but poses the risk of future price disruption.
Source Fool.com
