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The price of aluminum on the London stock exchange jumped to a maximum in more than 10 years amid a coup d’état in Guinea. About it testify exchange data.
Aluminum futures for three months’ delivery on the London Metal Exchange traded at $ 2,727 a tonne, up 1.2% from the previous session close. Earlier in the course of trading, their price rose to $ 2775.5 per ton, which is the maximum since May 2011.
Aluminum prices in Shanghai rose 3.4%, the highest since 2006.
The day before, the military in Guinea announced the seizure of power in the country, having arrested the country’s president, Alpha Conde. Later followed by statements about the closure of borders, the dissolution of the government and parliament, the suspension of the constitution.
For the change of power in the Republic of Guinea is the commander of the special forces group, Colonel Mamadi Dumbuya, a former fighter of the French Foreign Legion. When attempting a coup, he relied on special forces units. Alfa Conde, 83, ruled the country for 11 years. In 2020, he was re-elected for a third term after a constitutional amendment that allowed him to “reset” his terms.
The coup in Guinea could seriously affect the global aluminum market, says Rusal founder Oleg Deripaska. “The aluminum market can be seriously shaken up by this situation, because 20% of the world’s aluminum production uses bauxite from this small and very poor country,” he wrote on his Telegram channel.
Since the beginning of this year, aluminum has risen in price on the London Stock Exchange by almost 40% due to high demand for the metal amid weakening of its production in China.
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