Why Shares of Century Aluminum Are Up More Than 20% This Week
Shares of Century Aluminum (NASDAQ: CENX) are set to end the week near a price of $12.80, according to data provided by S&P Global Market Intelligence, up more than 20% from last Friday's closing price. The surge is rooted in hope for higher aluminum prices in the near and distant future.
Much of the credit for this week's surge can be given to President Joe Biden.
Last Friday, the President signed a proclamation imposing a 200% tariff on imports of aluminum products manufactured in Russia. Standard & Poor's, part of S&P Global, reports that Russia accounts for roughly 5% of the world's supply of aluminum, and a similar proportion of U.S. imports of the metal.
Source Fool.com
