KUALA LUMPUR (Aug 10): Press Metal Aluminium Bhd’s share price touched a new all-time high of RM3.39 before easing to RM3.31 with more than 8.7 million shares changing hands.

The country’s largest aluminium smelter has saw its share price jumped by 16.1% in the first seven trading days of August alone so far at the moment.

“A long-term story will be good for the company but I think a healthy pullback will be important first,” an industry observer told theedgemarkets.

Yesterday, Press Metal was the top gainer in the Bursa exchange and the company continued its momentum in the morning trade.

This was on the back of the aluminium price that has breached and remained above the US $2,000 a tonne level. Yesterday, the London Metal Exchange Aluminium moderated to US $2,027.50 level.