Aluminum Resumes Gains on Export Tax Rejig and Subdued Dollar [Yahoo! Finance Canada]
HONG KONG EX&CL UNSP/ADR (HKXCY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance Canada
of an export tax rebate, while a subdued dollar supported metals across the board. Most Read from Bloomberg 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 significance of Chinese exports of the metal. A gauge of the dollar was steady after falling 0.6% in the previous two sessions, making raw materials priced in the currency cheaper for many buyers. Aluminum rose 0.7% to $2,626.50 a ton on the London Metal Exchange as of 7:30 a.m. local time, and is up around 4% from the close on Thursday before the tax changes. Futures have fallen on the Shanghai Futures Exchange since announcement, pushing the premium of LME prices over those on the SHFE to the highest since May. In other metals, copper rose 0.4% to $9,105.50 a ton on the LME, while nickel and zinc climbed 0.5%. Iron ore increased
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