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.
別再為俄羅斯寡頭們反反復(fù)復(fù)的地盤爭(zhēng)奪戰(zhàn)分心了，這些混戰(zhàn)從俄羅斯鋁業(yè)(Rusal)上市以來就沒有停過。相反，請(qǐng)想一想全球最大鋁生產(chǎn)商的投資理由。過去一年里，工業(yè)對(duì)鋁的需求不振，令倫敦金屬交易所(LME)的基準(zhǔn)鋁價(jià)降低了十分之一。但是，兩個(gè)因素扭曲了這一市場(chǎng)。據(jù)俄鋁估計(jì)，低利率意味著金融需求占據(jù)了近四分之三的交易量。而代表全球五分之二需求的中國(guó)，也提高了產(chǎn)量（既來自新的冶煉廠，也來自一度閑置、如今僅靠政府資助支撐的舊廠），從而扭曲了市場(chǎng)。