MARKET TALK:Some China Aluminum Smelters Shut On Tax Rise

Some Chinese aluminum producers are closing down production faced with an export tax of 15% from start of year, up from 5%, Singapore-based trader says. "Aluminum prices aren't high enough for those producers to operate economically, despite the fall in alumina prices," trader says. Some Chinese aluminum producers move to shape primary metal into semi-fabricated products to avoid tax rise. LME 3-month aluminum trades at $2,690/ton, up $5 on yesterday's PM kerb.