Commodities
Aluminum Jumps as EGA Says Bauxite Exports Suspended in Guinea
- Emirates Global Aluminium seeks clarity after halt by customs
- Alumina futures also jump as traders brace for knock-on impact
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Aluminum prices jumped more than 2% in London after a key supplier of the mined ore needed to make the metal said exports from its operations in Guinea had been suspended.
Emirates Global Aluminum is seeking clarity from customs authorities in Guinea after exports of bauxite were halted, the company said in a statement. The raw material is fed to refineries who make an intermediate product called alumina, which is then smelted into pure aluminum. Alumina futures in Shanghai also hit the highest since contracts were launched in June 2023.