Aluminium giant Rusal reports 70% net profit plunge

Russian aluminium giant Rusal said on Thursday net profit fell 70 percent in the first half of 2016, as weaknesses in global commodities markets keeps prices depressed. The cost of aluminium sank to six-year lows below $1,500 a ton in 2015 as a growth slowdown and overcapacity in key market China hammered demand. The European Union Chamber of Commerce warned in February that the effect of China's huge stockpiles was wreaking "far reaching" damage on the global economy.