Guinea unrest raises aluminum prices to 10-year high | Guinea

0
14


Aluminum prices jumped to a 10-year high on Monday after reports of a coup in Guinea raised fears that supplies of bauxite (the raw material used to make this mineral) could be disrupted.

Analysts say Guinea produces about a quarter of the world’s bauxite, although so far there are no signs of a supply disruption.

A military spokesman said – on Monday – that Guinea reopened its land and air borders, a day after special forces soldiers announced that they had dissolved the government and the constitution.

Standard aluminum contracts on the London Metal Exchange rose 1.6 percent to $2,771.00 per ton in late trading, after touching its highest level since May 2011 at $2,782.

On the other hand, the prices of bauxite imported from Guinea in China rose to the highest level in about 18 months, and Guinea exports it to all major markets, and China is one of the largest customers.

Aluminum prices have gained about 40% this year.

more economy







LEAVE A REPLY

Please enter your comment!
Please enter your name here