Aluminum Resumes Gains on Export Tax Rejig and Weaker Dollar [Yahoo! Finance]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Yahoo! Finance
Most Read from Bloomberg Paris to Replace Parking Spaces With Trees New York's Transit Agency Approves $9 Congestion Toll In Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited Lift Amtrak Wins $300 Million to Fix Its Unreliable NJ-to-NYC Service A Bug's Eye View of Mexico City's Modernist Architecture Beijing announced an overhaul of tax relief for overseas shipments on Friday, partly to ease industrial overcapacity that's spurred trade tensions with the US and Europe. Aluminum has been the most sensitive commodity to the change, given the importance of Chinese supply. A dollar gauge fell for the third day in a row, making metals priced in the currency cheaper for many buyers. Aluminum rose 0.9% to $2,630.50 a ton on the London Metal Exchange as of 12:52 p.m. in Shanghai, and is up around 5% from the close on Thursday before the tax changes. That's helped push the premium of LME prices over those on the Shanghai Futures Exchange to the highest since May. In
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