Metal and Mining Stocks Catch A Bid Friday, August 27, 2:38 PM ET, by Market News Video Staff In Friday afternoon trading, the SPDR S&P Metals and Mining ETF (XME) is trading higher ...
By Market News Video Staff, Thursday, November 11, 11:42 AM ET
Aluminum producer Alcoa (NYSE:AA) shares are trading lower by 0.7% today, despite the company’s chief executive saying he supports the formation of an aluminum-backed ETF. CEO Klaus Kleinfeld said the company would even be interested in supplying the aluminum to back such a fund. The head of Rusal, the top aluminum producer in the world, has already said his company was working on such a fund.
Until an aluminum ETF is officially formed, Alcoa will have to be content in the ETF world with its stock making up a portion of stock-based funds. Alcoa is a component of the SPDR S&P Metals & Mining ETF (AMEX:XME), as well as the third-largest holding of the Rydex S&P Equal Weight Materials ETF (AMEX:RTM), at 3.64% of the portfolio, behind CF Industries (NYSE:CF) and Freeport-McMoRan (NYSE:FCX).
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