Press Metal set for another record results in 2022

TheStar Wed, Dec 29, 2021 09:20am - 1 year View Original

Kenanga Research maintained its “outperform” call on Press Metal with a target price (TP) of RM6.96. (File pic: Press Metal's Samuljadi plant.)

KUALA LUMPUR: Press Metal Aluminium Holdings Bhd is poised to post another record results in 2022, as the aluminium prices are expected to stay high in the near term while its fully commissioned P3 plant will lead volume growth.

According to Kenanga Research, aluminium prices remained robust at US$2,600 to US$2,700 (RM10,872 to RM11,290) per tonne recently, driven by economies reopening-led demand.

In addition, the major structural de-carbonisation trends for electric vehicles and renewable energy have boosted aluminium demand, leading to prices remaining elevated.


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