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News Story Source: Zero Hedge
Aluminum prices soared to a new decade high after a military coup in Guinea stoked concerns over the supply of bauxite, a sedimentary rock with high aluminum content, according to Bloomberg.
Aluminum prices increased in London and Shanghai. London Metal Exchange (LME) contracts rose nearly 2% to $2,775 on the news of the military coup in the West African country on Sunday that could threaten bauxite supply.
According to UK-based commodity research firm Marex, Guinea is one of the world's largest bauxite exporters. The country mines about a quarter of the world's supply. So far, there are no signs yet of supply disruptions.
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