KUALA LUMPUR: Press Metal Aluminium Holdings Bhd faces pressure on its earnings as aluminium prices fall below US$3,000 per tonne while carbon anode costs climb to a three-year high.
RHB Research attributed the company's nine per cent single-day share price decline to these pressures, alongside concerns over higher US inflation, tighter monetary policy and a stronger US dollar.
Aluminium prices fell to US$2,987 per tonne amid weaker demand sentiment following a sell-off in artificial intelligence-related stocks, expectations of a faster-than-anticipated recovery in the Middle East and the prospect of additional supply from Indonesia.
Meanwhile, carbon anode prices rose six per cent in two weeks to exceed 6,000 Chinese yuan per tonne, partly driven by higher petroleum coke costs.
