News Formal

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

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Italy Seeks to Shield Supercars From Combustion Engine BanItaly is in talks with the European Union on ways to shield supercar makers, including Ferrari NV and Lamborghini SpA, from the planned phase-out of combustion engine vehicles by 2035, according to a minister in Mario Draghi’s administration.
Source: dailymaverick - 🏆 3. / 84 Read more »