Industrial metal Aluminium hit a 2-1/2 year peak a tonne on lifted by growing concerns over supply cuts in top producer China and an upbeat assessment of China's demand growth prospects. China’s Shandong province has ordered 3.21 million tonnes of smelting capacity to be shut in the world's top producer of the metal, more than previously expected, as Beijing intensifies efforts to curb pollution in its bloated heavy industries. The U.S. Commerce Department said it made a preliminary finding that imports of aluminium foil from China are subsidized, and it imposed countervailing duties ranging from 16.56 percent to 80.97 %.Japan's Sumitomo Metal Mining Co Ltd. said it will exit from a nickel exploration project in the Solomon Islands because of slumping nickel prices and the loss of a legal dispute over mining rights in the country.
Source: CNBC
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