Guinea Special Forces Oust President In Coup, Unrest Causes Aluminium Prices To Soar
A special forces unit of the Guinea Armed Forces ousted the country’s long-serving President Alpha Conde on Sunday in an apparent coup, causing global aluminum prices to soar over fears that the unrest in the West African nation could impact the supply of a raw material, bauxite, which is needed to make the metal.... [+]The military unit which claims to have seized power announced that they have dissolved Guinea’s government, its constitution and closed its land and air borders.
The new military rulers have imposed a nationwide curfew “until further notice” and have said they plan to convene a meeting of Conde's cabinet later on Monday. Unrest in the world’s third-largest producer of bauxite has pushed aluminum prices to the highest level in over a decade. Prices of the metal in the London Metal Exchange climbed by 1.8% on Monday to $2775.50 per ton—the highest it has been since May 2011.
In China, the aluminum futures jumped up nearly 3.5% to around $3,400 —the highest it has been since 2006—before leveling off at around 2.3%.
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