While most commodity prices are tumbling, Australian company Alumina is set to benefit from a rare recovery in the value of aluminium.

Alumina's senior partner, US aluminium giant Alcoa, has reported a return to profitability in the three months to December, with earnings of $US159 million ($A172.03 million).

That result was boost by a recovery in the price of aluminium, which is forecast to be 20 per cent higher over the 2014/15 year at $US2,170 a tonne, due to demand from the aerospace and automotive industries.

Significantly for the local company, the price of alumina - the product which is smelted to make aluminium - has had an even stronger rise.

Alumina reports its 2014 financial results in February, and its shares were up nine cents, or 4.8 per cent, at $1.975 at 1255 AEDT.

The company holds a 40 per cent stake in the Alcoa World Alumina and Chemicals (AWAC) business, which owns alumina assets in Western Australia and the Portland aluminium smelter in Victoria.

After tax operating income in Alcoa's alumina business in the December quarter was $US178 million ($A192.59 million), up from $US62 million a year earlier, due partly to higher prices and a weaker Australian dollar.

Alumina's share of that would be roughly 40 per cent.

"The improvement also reflected lower energy costs and continued productivity gains," Alumina chief executive Peter Wasow said.

Alumina received capital repayments and income from AWAC of $US45 million ($A48.69 million) in the fourth quarter, bringing the total receipts to $US119 million ($A128.75 million) for 2014.