Aluminum extended its surge as political unrest in Guinea fueled concerns over supply of the raw material needed to make the metal.
Aluminum has climbed about 40% this year in London as massive global stimulus measures stoked demand just as Chinese smelters struggled to maintain output during a seasonal power crunch and Beijing sought to rein in the country’s carbon emissions.
Prices on the London Metal Exchange rose as much as 1.8% to $2,775.50 a ton, the highest since May 2011, before trading at $2,749. In China, futures jumped as much as 3.4% to the highest since 2006. Chinese aluminum stocks also rallied, with Aluminum Corp. of China shares up as much as 10% in Hong Kong.