Affin Hwang has further shared its projection that Press Metal’s fourth-quarter earnings would range between RM340 million and RM360 million, attributed to the stabilised aluminium prices around US$2,200 per tonne.
If the projected earnings is achieved in Q4, then the full-year earnings would be in line with Affin Hwang’s estimation of RM1.3 billion.
Affin Hwang estimates that global aluminium prices will remain relatively stable until the second half of 2024, based on Bloomberg Intelligence's forecast, which predicts a decline in aluminium prices to US$2,100 per tonne in the second half of 2024.
The projected downtick in global aluminium prices could be because of the weakened demand due to worldwide economic challenges, high inflation, and increased supply from new capacities in China, Canada, Indonesia, and India.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
