Press Metal advances 15 sen on CEO's positive remark

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KUALA LUMPUR (Oct 24): Aluminum products manufacturer Press Metal Bhd has climbed 2.68% to RM5.74, following positive remarks on aluminium prices made by the company’s CEO Datuk Koon Poh Keong yesterday.

As at 11:43am, Press Metal’s counter has gained 15 sen to RM5.74, with some 1.9 million shares traded, after touching a high of RM5.81 earlier.

Koon said after the group’s extraordinary general meeting yesterday that he was upbeat on the company's 2015 outlook, amid near term rising aluminium prices and a tighter market.

“Press Metal expects global aluminium price to rise to US$2200 a tonne in 2015, compared with an average of US$2000 per tonne this year,” Koon said.

He said at the current price level, the region's biggest aluminium smelter is enjoying a sale premium of US$400 per tonne this year – double that of 2013.