SOURCE:[Mining.com] – Aluminum bellwether’s better than expected demand forecast and benign economic news from top commodity consumer China sent mining stocks and metal prices soaring Tuesday.
New York-based Alcoa (NYSE: AA) yesterday surprised the market when it reported better than expected profits on the back of solid end market demand growth.
The leader – of what is a very beaten down industry – also expects global demand for the metal to rise 7% in 2013 thanks to increased orders from vehicle and aircraft manufacturers, another sign of a healthier global economy.
Also buoying the mining and metals sector was news from China that inflation in the world’s second largest economy came in lower than expected.