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Business Maverick: Aluminum Surges as Guinea Coup Attempt Fuels Supply Concerns

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A unit of Guinea’s military seized power and suspended the constitution, destabilizing a key source of the raw material used to make aluminum.

A unit of the military seized power and suspended the constitution, with head of special forces, Colonel Mamady Doumbouya, urging the armed forces to back him in an announcement on state television on Sunday. The African nation is a major producer of bauxite, and accounts for more than half of China’s imports of the commodity.

Prices on the London Metal Exchange rose as much as 1.8% to $2,775.50 a ton, the highest since May 2011, before trading at $2,749. In China, futures jumped as much as 3.4% to the highest since 2006. Chinese aluminum stocks also rallied, with Aluminum Corp. of China shares up as much as 10% in Hong Kong.

 

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