Shares of Rusal, one of the world’s largest aluminum producers, plummeted by more than 5% on the Hong Kong Stock Exchange on Friday amid falling world prices for aluminum, according to trading data of the local exchange (HKEX), Trend reports with reference to TASS.
Within a minute after the opening of trading, Rusal's shares fell 5.2% - from 7.5 to 7.11 Hong Kong dollars per share ($0.96 - $0.91).
On Thursday, the price of aluminum on the London Metal Exchange (LME) dropped below $ 2,600 per tonne for the first time since August 26 this year. On Friday morning, the price of aluminum was about $2,547 per tonne.
In October, the price of aluminum rose above $3,200 per tonne, which is the highest since July 2008, but after reaching a peak at $ 3,229 per tonne on October 18, it began to decline.
Russia’s top aluminum producer had a listing on the Hong Kong exchange in January 2010. The price of the listing was 10.8 Hong Kong dollar per share.
Rusal is the largest aluminum producer outside China and the only producer of primary aluminium in Russia. En + Group, founded by Oleg Deripaska, is the largest shareholder of Rusal (58.88%). Deripaska holds 44.95% in En+ Group.