Metals News
Rusal Deputy CEO: Aluminum Prices Will Bounce Back By Year-end
industry news
Oct 10,2011

MOSCOW, Oct 07, 2011 (Dow Jones) -- Prices for aluminum will bounce back from the current level to between $2,400 and $2,500 a metric ton by the end of the year, deputy head of Russia's aluminum giant United Co. Rusal (0486.HK) said Friday.

Speaking to journalists on the sidelines of an investment conference Oleg Mukhamedshin, equity and corporate development director of Rusal said he is "relatively optimistic" about the market.

"There are no fundamental factors for the price to go down," he said, adding that he expects the market for the metal has already reached the bottom and will bounce back.

He also said he sees the ruble hitting RUB36 a US dollar by the end of the next year, if the current troubles on the global market continue.

A weaker ruble will reduce Russia's commodity exporters' costs, he added.

Separately he said the company is planning to pay back its creditors $500 million by the end of 2011.

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