Aluminum prices are witnessing a rise in the market in light of the unrest in Guinea, which leads the world in exports of bauxite used in the aluminum industry, as traders fear supply disruptions.
Aluminum contracts closed yesterday’s trading at a high of 2773 dollars per ton, an increase of 1.69%, after reaching its highest level since May 2011 at 2782 dollars.
Sunday’s military coup in Guinea, which has the world’s largest reserves of bauxite, sent aluminum prices soaring on fears of disruption to supplies of the mineral.