The price of aluminium hit exactly $3,000 a tonne in trading on Monday, the metal's highest level for 13 years.
File: A worker checking rolls of sheet aluminium at a factory in Wuhan, in China's central Hubei province.LONDON - The price of aluminium hit exactly $3,000 a tonne in trading on Monday, the metal's highest level for 13 years, with tight supplies worsened by the recent military coup in Guinea.
Also pushing prices higher are rising electricity prices in China, which has led to a sag in production at a number of foundries in its western Xinjiang region.Guinea possesses the world's largest reserves of bauxite, the reddish or grey rock, whose aluminium oxide is smelted into aluminium, a metal widely used in everyday items.
Guinea's ruling military has been coming under growing diplomatic pressure after special forces led by Lieutenant Colonel Mamady Doumbouya seized power and arrested president Alpha Conde.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kendal outage heaps pressure on tight power systemThe incident comes as the utility and its ageing and ill-maintained power plants perpetually struggle to meet SA’s electricity demand
Read more »
Market data — September 12 2021Market data including bonds and fuel prices
Read more »
Oil rises on forecasts for higher demand and hurricane damageBrent crude and US West Texas Intermediate hit highest levels since September 3
Read more »
Emergency power round hits new delay as Karpowership case postponedDNG Power alleges corruption in the awarding of 11 supply contracts to Turkish-owned company but says it needs more time to gather evidence
Read more »
Emergency power round hits new delay as Karpowership case postponedDNG Power alleges corruption in the awarding of 11 supply contracts to Turkish-owned company but says it needs more time to gather evidence
Read more »
Gold rangebound as investors await US consumer price dataBullion is stuck at $1,760-$1,830, which reflects indecision about Covid-19 and policy, analyst says
Read more »