LME aluminum hits 10-year high due to uncertainty brought by Guinea's coup
Time:Tue, 07 Sep 2021 09:21:59 +0800
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London Metal Exchange (LME) aluminum prices rose by 1% to US$2,776/ton yesterday (September 6), hitting a ten-year since May 2011, mainly due to a coup in Guinea, the main bauxite producer, raising market concerns about the supply of bauxite, an essential raw material for aluminum production.
RUSAL’s president Oleg Deripaska said that the aluminum market may be impacted hard by the situation in Guinea, where a political turmoil broke out last weekend, Guinean President Alpha Condé had been overthrown in a coup, and the nation's constitution had been dissolved.
LME aluminum prices have surged by around 40% this year due to the global large-scale stimulus measures, leading to a surge in demand.
