Alcoa hits fresh 52-week high after acquiring Firth Rixson The shares are off the earlier session high at $15.18, which is a fresh 52-week high and now resistance. Next resistance about that high is at $15.48, a pivot low from 2011 on a closing basis. Support is at $14.72.
Aluminum prices decline on excess supply, Bloomberg says Aluminum prices have been under pressure as prices for the metal fell 9.4% in May in the largest monthly drop since October 2012, says Bloomberg. According to the Bloomberg report aluminum producers in China have been encouraged by cheap coal to operate their furnaces and may expand exports. Companies in the aluminum space include Alcoa (AA) and Century Aluminum (CENX). Reference Link