Chalco shares down after cutting spot alumina prices

Shares in Aluminum Corp of China Ltd (2600.HK: Quote, Profile, Research) (Chalco) hit a 16 month low, down 4.6 percent on Friday after the firm cut spot alumina prices by 8.6 percent in its second reduction since June.

The stock fell HK$0.36 to a session low of HK$7.66 at 0217 GMT and have lost more than a quarter of its value since it issued a profit warning on June 20 that its first-half profit will slide by at least 50 percent.

The firm (601600.SS: Quote, Profile, Research), the world's third-largest producer of alumina, said it offers spot alumina at 3,200 yuan ($468.4) a tonne from Friday, down from 3,500 yuan on Thursday.

The move followed a 16.7 percent price slash to 3,500 yuan in June this year. ($1=6.831 Yuan) (Reporting by Donny Kwok and Alison Leung; Editing by Ken Wills)

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