Russia’s Rusal back in black

MELBOURNE: Russia’s United Company Rusal Plc returned to profit for the first time in five quarters and gave a bullish outlook for aluminium prices, driven by growing demand from carmakers and supply cuts outside China.

The aluminium giant emerged from the red thanks to higher aluminium prices, cost cuts and smelter closures and forecast further gains, as it sees a global supply deficit more than doubling in the second half of the year to 1.5 million tonnes.