Aluminum slides as Alcoa's results falls on weak Chinese demand

Aluminum prices fell during trading day following the release of Alcoa's business results, which is a leading manufacturer of the metal, that revealed a damage of its activities due to weak demand from China.

The company confirmed that its aluminum and alumina production declined in the three months ended in June 30, prompting it to maintain its forecast of an aluminum supply deficit and a 2019 alumina surplus.

Alcoa posted a quarterly loss of $402 million ($2.17 per share) in the second quarter, compared to $10 million (5 cents per share) in the same period last year.

Revenues for the aluminum producer fell to $2.7 billion in the second quarter from $3.6 billion in the same period last year.

Alcoa expects global demand for aluminum this year to grow between 1.25 percent and 2.25 percent from previous estimates of between 2 percent and 3 percent, as a result of the US-China trade war.

In terms of trade, aluminum prices fell by 0.2% to $1847 per tonne, with the highest price of the day at $1848 and the lowest at $1836.