Aluminum Jumps Again as Guinea Coup Adds to Supply Worries
- Guinea is a major exporter of bauxite used to make aluminum
- Junta leader urges mining companies to keep operating
This article is for subscribers only.
Aluminum climbed to the highest in more than a decade after a coup in Guinea fueled concerns over raw material supplies, with futures holding gains even after the head of the junta urged miners to keep operations running.
Metal prices extended gains and producer shares surged -- industry leader Aluminum Corp. of China, or Chalco, jumped as much as 10%. Guinea is a major supplier of bauxite, the feedstock needed to make aluminum, and accounts for more than half of the imports by China.