Aluminum price surges due to oil tank explosion in Guinea
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Update time : 2023-12-27 16:08:32
According to market analysts, the recent surge in aluminum prices was mainly due to a recent fatal explosion at an oil tank in Guinea, triggering market concerns about the country's bauxite exports. The bauxite is a raw material for manufacturing aluminum.
Data from China's customs showed that China imported 91 million tons of bauxite from Guinea from January to November 2023, accounting for 70.2% of total imports.
Due to the news of the Guinea explosion, the Shanghai Futures Exchange's aluminum contract SAFcv1 for February 2024 rose as much as 1.5%, hitting a two-month high. Recently, the LME aluminum futures increased by 5.68% in the past six months among LME basic metals after zinc.
