Ignore the perennial distraction of Russian oligarch turf battles that have defined Rusal’s life as a listed company. Consider instead the investment case for the world’s biggest producer of aluminium. Subdued industry demand for the white metal has depressed the London Metal Exchange price by a tenth during the past year. But the market is distorted by two things. Low interest rates have meant that financial demand accounts for nearly three-quarters of trading volume, Rusal estimates. And China, accounting for two-fifths of global demand, has also skewed the market by increasing output from new and once-idled plants kept alive only by government grants.
别再为俄罗斯寡头们反反复复的地盘争夺战分心了，这些混战从俄罗斯铝业(Rusal)上市以来就没有停过。相反，请想一想manbetx app苹果 最大铝生产商的投资理由。过去一年里，工业对铝的需求不振，令伦敦金属交易所(LME)的基准铝价降低了十分之一。但是，两个因素扭曲了这一市场。据俄铝估计，低利率意味着金融需求占据了近四分之三的交易量。而代表manbetx app苹果 五分之二需求的manbetx3.0 ，也提高了产量（既来自新的冶炼厂，也来自一度闲置、如今仅靠政府资助支撑的旧厂），从而扭曲了市场。