Alcoa's demand outlook for 2010 and its projected inclination towards Chinese and Australian markets triggered the rise in Asian shares on Tuesday.

Japan's Nikkei Stock Average climbed up to 0.8%, Australia's S&P/ASX 200 was up by 0.1%, South Korea's Kospi Composite increased by 0.2% and New Zealand's NZX-50 was off 0.2%. Dow Jones Industrial Average futures were up 27 points in screen trade.

On Monday, Pittsburgh-based Alcoa Inc (AA. N) augmented its projection to 12% from 10% for 2010 global aluminum consumption, triggered by increasing demand. China is expected to get the major share of supply being an important market.

The demand for the primary aluminium is at 16.5 million tonnes and as per the forecasts; China will consume the largest chunk of the 39.2 million total tonnes.

USA's largest aluminium producer, Alcoa Inc has agreed to extend the deadline of talks with its labor union. The name of the union is United Steelworkers Union and they too have agreed that the deadline be extended by another 11 hours. As per the old talks, the union had till noon today, the time to accept the "best and the final offer" that was to be given by the company.

ALCOA Australia has confirmed plans of axing about 150 jobs, with about 90 to be pulled off its Geelong operations, making it the most hurt, as the global financial crunch takes its toll on demand and sales and the strengthening Australian Dollar affect profits.