Aluminum prices have reached their highest level in more than a decade following a coup in Guinea, a major supplier of the main ore used to produce the metal.
The price of aluminum futures on the London Metal Exchange rose as much as 1.8% to $2,775.50 per metric ton on Monday after political turmoil broke out in the West African country over the weekend, when a military officer broadcast a statement that the nation's constitution had been dissolved. An adviser to President Alpha Conde told CNN that Conde was under arrest and that a coup had taken place.Aluminum prices had already been skyrocketing this year.
Aluminum is a key component of a wide range of products, from cars to smartphones and energy systems.China's 'political pressure' on Australian economy isn't working, treasurer saysUnrest in Guinea puts additional pressure on the market.Read MoreThe country is the second largest producer of bauxite in the world after Australia. Most importantly, it supplies more than half of the ore imported by China, which is the top producer of aluminum globally.
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