Alcoa (NYSE:AA), Century Aluminum (Nasdaq:CENX), Aluminum Corporation of China (NYSE:ACH) are all down today as the International Aluminium Institute announced aluminum production surged to a record last month to 112,500 metric tons a day.
This implies that there is a cutback in buying or demand, as there doesn't seem to be any news that would make that part of the aluminum business change.
It's possible the increase could also be in preparation of the introduction of the first aluminum ETFs, which are scheduled to launch sometime later in the year, or possibly in the early part of 2011.
Aluminum ETFs will store physical aluminum to back up their funds, creating a new market for the lightweight metal.
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