Russia’s Rusal shares jump to 10-year high on Hong Kong exchange
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Russia’s Rusal shares jump to 10-year high on Hong Kong exchange
Shares in Russian aluminum giant and one of the world's largest commodity producers Rusal soared 12.5% on Monday to their highest since 2012, while commodity shares globally also rallied amid news of a coup in Guinea.
According to the stock data, Rusal shares exceeded HK $6.8 apiece. On the Moscow stock exchange, Rusal shares have also risen by 3.8%, trading at $0.89 per share as of 8am GMT.
Aluminum stocks surged globally overnight, with prices on the London Metal Exchange rising by as much as 1.8% to $2,775.50 a ton, the highest since May 2019. In China, futures rallied by 3.4% to the highest since 2006. Chinese aluminum stocks also jumped, with Aluminum Corp. of China shares up 10% in Hong Kong.
The aluminum rally comes amid news of a coup in Guinea, which, experts claim, could threaten the supply of a raw material needed to make the metal to the global market. The African nation is a major producer of bauxite and accounts for more than half of China’s imports of the material.
Aluminum has been gaining ground on global stock markets this year as massive stimulus measures stoked demand for the commodity amid the global turn toward green energy sources, including electricity, where aluminum components play a crucial part.
