October 27, 2011 (Chinavestor) Basic materials, aluminum and silver stocks, were the best bet of any sector so far this week. And the good times continue to roll this morning. Shares of Aluminum Corp. of China (NYSE:ACH) and Silvercorp Metals (NYSE:SVM) opened 12.1% and 2.6% higher today.
And what's driving the sector? Hopes that Europe will be able to solve its sovereign debt problems. Should that happen, outlook for global economic growth will improve tremendously.
Another factor is that resource prices have plummeted since last year as the following aluminmum price chart testifies. There is a hue upside potential for aluminum makers going forward. Watch out for Aluminum Corp. of China (NYSE:ACH) going forward.
Aluminum Spot Prices, Oct 2010- Oct. 2011
Source: London Metal Exchange
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