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UC RUSAL Sees Aluminium Prices Staying Above $2,000/T

SMM Daily Review - 2010/5/13 Base Metals Market 

HONG KONG, May 14 -- Russia's United Company RUSAL (0486.HK: Quote) (RUAL.PA: Quote), the world's top aluminium producer, said on Friday it expects aluminium prices to remain above $2,000 per tonne for the rest of the year.
Oleg Mukhamedshin, UC RUSAL's deputy CEO, added that the company had no need to sell any assets at the moment, as cash flow remained strong.
Earlier in the day, the company reported a first-quarter net profit of $247 million, reversing a loss of $638 million a year earlier, helped by by higher aluminium prices and cost cutting.
Aluminium prices have been in a free fall since mid-April dropping 16 percent to a three-month low of $2,056 per tonne on Tuesday. But the average price is expected stay above $2,000 per tonne this year, up 20 percent from 2009, according to a poll by Reuters.
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