The Aluminum Corp. of China (ACH, quote), better known as Chalco, dropped in Tuesday trading after the company announced on Monday that the state-owned firm would drop its bid for Mongolian SouthGobi Resources after months of contentious negotiations.
Asian and emerging markets overnight were mixed at best, dealing with speculation about additional easing from the U.S. and Europe, and disappointing manufacturing data from several Asian countries including China, which saw a .01 drop in manufacturing.
Asian markets started the first official week of summer mostly down as exchanges reacted to lower resource prices and various uncertainty around the world.
Asian markets moved markedly lower on Tuesday trading. Monday’s optimism dissipated on the back of poor trading in the U.S. overnight, in addition to concerns stemming from Europe.
The government of Ukraine has seized the only alumina plant in the country from nominal owner Rusal — the world’s biggest aluminum producer — but while Rusal is fighting to regain control of the smelter, the only impact this could have on the company’s rivals is negative.
Analysis seem to be split on weather China’s economy is coming in for a hard landing or not, but colleagues who have been to China recently indicate see both less construction cranes and more consumption of non-necessity items such as smart phones, electronics, education and a higher standard of eating.