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Alcoa CEO Predicts Doubling of Aluminum Demand by 2020
By Market News Video Staff, Thursday, November 18, 1:46 PM ET
Alcoa (NYSE:AA) CEO Klaus Kleinfeld told the Financial Times that aluminum demand could double by 2020. Kleinfeld’s comments are driving the stock higher today by more than 4% today. Kleinfeld said that aluminum supplies will struggle to meet surging demand, even if demand from China slows, and prices will rise.
Alcoa is in the top ten holdings of the SPDR S&P Metals and Minding ETF (AMEX:XME), at 4.27% of the fund. Massey Energy (MEE) is the top holding, at 5.46% of the portfolio, followed by Hecla Mining at 5.21%. Stillwater Mining (NYSE:SWC), Coeur d’Alene Mines (NYSE:CDE) and Freeport-McMoRan (NYSE:FCX) round out the top five holdings in the fund.
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