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Posted on: Tuesday 7 September 2021 – 5:54 AM | Last update: Tuesday 7 September 2021 – 5:54 AM
Aluminum prices in global markets rose on Monday to their highest levels in more than 10 years after the military coup in Guinea raised concerns about the stability of aluminum ore supplies in the markets, as prices of aluminum futures rose despite a call by the military group that took power in Guinea for mining companies to continue their work. .
The price of aluminum rose in trading this morning in both London and Shanghai, while the shares of aluminum companies rose in the stock exchanges, as the share price of Aluminum Corp. of China or Chalco rose by about 10%, while shares of United Co Rusal rose by 15%.
Bloomberg News Agency indicated that Guinea is a major supplier of bauxite ore used in the production of aluminum globally, with Guinea’s exports of bauxite representing more than half of China’s imports of ore.
It is noteworthy that the price of aluminum, which is used in almost everything, from car components to home appliances and beverage cans, rose in the trading of the London Commodity Exchange by 35% during the current year and before the coup in Guinea, with the increase in consumer demand and the recovery of economic activities from the repercussions of the emerging Corona virus pandemic. .
The price of the metal on the London Metal Exchange rose by 1.8 percent to $277.55 per ton, the highest level since May 2011. The metal was also traded in China at $2,754 per ton. The price of futures contracts in China rose by 3.4 percent to its highest level since 2006, before its gains eased to 2.2 percent.