Aluminum hits 10-year peak

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Aluminum prices hit a more than 10-year high on Monday, as a coup in major bauxite supplier Guinea raised fear of further supply disruption in the downstream market.

Guinea is the world’s biggest supplier of bauxite, an ore used to produce aluminum, to top aluminum producer and consumer China.

Special forces soldiers appeared on Sunday to have ousted Guinea’s long-serving president, telling the nation they had dissolved its government and constitution and closed its land and air borders.

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The most-traded October aluminum contract on the Shanghai Futures Exchange jumped as much as 3.2 percent to 21,980 yuan ($3,405.64) a ton, a level unseen since July 2008.

Three-month aluminum on the London Metal Exchange rose as much as 1.8 percent to $2,775.50 a ton, highest since May 2011.

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