0907 ET - With Alcoa up roughly 40% over the past month, JPMorgan is calling a time-out, and downgrades it to underweight from neutral on valuation. The analysts are also forecasting modest FY26/27 aluminum surpluses driven by new Indonesian supply. At the same time, they're also not convinced that tariff reprieves are imminent, "We acknowledge that our call may be 'early' given what appears to be a risk-on environment to start the year, including across the commodity space, but with our assumption of looming supply, we anticipate aluminum pricing could decouple from copper, leveling out and driving downside," the analysts write. Alcoa falls 5% premarket. (connor.hart@wsj.com)

(END) Dow Jones Newswires

January 08, 2026 09:07 ET (14:07 GMT)

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