Aluminum Prices Reach 10-Year High Due to Guinea Coup

On the 5th (local time), citizens in the streets of Conakry, the capital of the West African country Guinea, are cheering alongside armed soldiers during a coup. Mamadi Doumbouya, a former member of the French Foreign Legion who led the coup, secured President Alpha Cond? and announced the dissolution of the government and the formation of a transitional government led by the military, deploying Guinea's elite special forces. [Image source=Yonhap News]

Aluminum prices have reached their highest level in over a decade due to a coup in Guinea, West Africa.

According to major foreign media on the 6th (local time), the coup in Guinea, the largest supplier of bauxite to China, which is the raw material for aluminum production, caused aluminum prices to surge significantly.

China is the largest producer and consumer of aluminum, used in construction, automobiles, and aircraft. Last year, it imported 52.7 million tons of bauxite from Guinea.

The most actively traded October aluminum contract on the Shanghai Futures Exchange (ShFE) surged as much as 3.2%, reaching 21,980 yuan per ton (approximately 3.94 million KRW). This is a level not seen since July 2008.

Three-month aluminum on the London Metal Exchange also rose 1.8% to $2,775.50 per ton, marking the highest price since May 2011.

The previous day, Guinea's special forces reportedly ousted the long-standing president. They announced nationwide the suspension of the constitution, dissolution of the government, and closure of land and air borders.

This content was produced with the assistance of AI translation services.