Alcoa Corp (NYSE:AA) stock is melting up today, last seen 10.9% higher to trade at $65.10, as the price of aluminum skyrockets. Aluminum forward contracts were last seen up 4%, at $3,319 per metric ton and are now up over 100% since the Iran conflict began a month ago. Sector peers Kaiser Aluminum (KALU) and Constellium SE (CSTM) are also making outsized moves today.
Alcoa stock is now up 21.6% in 2026 and heading for its 11th-straight month in the black. The shares are a chip shot from their March 4 more than three-year high of $68.40, with support stepping up at their ascending 80-day moving average.
A shift in analyst sentiment could keep the wind at the equity's back. Of the 12 brokerages covering AA, seven maintain "hold" or worse ratings, while the consensus 12-month price target of $67.47 is a slim 4% premium to its current perch.
Options are flying off the shelves. At last check, 21,000 calls have changed hands, volume that's six times the average intraday amount and almost seven times the number of puts exchanged. The April 63 call is the most popular, while new positions are opening at the weekly 4/10 70-strike call.
