SHANGHAI: Aluminum producer United Co Rusal is in talks with parties including China Investment Corp (CIC) and Temasek Holdings Pte to invest in a Hong Kong share sale, the Hong Kong Economic Journal said, without citing anyone or providing details of the investments.

Wu Xueling, a Beijing-based official at CIC, the nation's sovereign wealth fund that holds almost $300 billion of assets, declined to comment. Temasek spokespeople in Singapore weren't immediately available for comment.

Rusal, controlled by billionaire Oleg Deripaska, has applied to sell about 10 percent of the company's shares in a Hong Kong initial public offering to try to cut debt of more than $16 billion. Metal prices are rising as the global economy recovers, with the Reuters/Jefferies CRB Index, a gauge of 19 raw materials and commodities, hovering at this year's high.