Valco shutdown bolster aluminium prices

Aluminium moved to $2,767 from $2,715 due to the loss of output from Ghana, which traders believe would help buoy aluminium prices.

Ghana's Valco aluminium smelter said on Thursday it will shut down indefinitely from Friday due to chronic power shortages in the West African country.

The 200,000-tonne-a-year smelter is jointly owned by Ghana's government and U.S.-based aluminium giant Alcoa Inc.. It is currently operating at 30 percent of its capacity.

Alcoa shares jumped 2.5 percent to $34.15 on the day after the smelter it jointly owned with the government of Ghana was closed indefinitely

Aluminium moved to $2,767 from $2,715 due to the loss of output from Ghana, which traders believe would help buoy aluminium prices.

Ghana's Valco aluminium smelter said on Thursday it will shut down indefinitely from Friday due to chronic power shortages in the West African country.

The 200,000-tonne-a-year smelter is jointly owned by Ghana's government and U.S.-based aluminium giant Alcoa Inc.. It is currently operating at 30 percent of its capacity.

Alcoa shares jumped 2.5 percent to $34.15 on the day after the smelter it jointly owned with the government of Ghana was closed indefinitely