Even the drop of 10% in operating profit was lower than expected. Exclude this and sequential operating profit will fall 20%, which is not materially better than Street estimates. Revenues at the aluminium unit dropped just 1% despite a notable fall in aluminium prices. Global demand for refined copper is estimated to rise 2% in 2019, with demand for copper concentrate outstripping production. Aluminium prices on the London Metal Exchange are down 2.3% over the past month.

Source: Mint May 16, 2019 17:26 UTC