Recovery in China’s manufacturing sector is also boosting demand for base metals like aluminum.

“The improvement in manufacturing trends so far in Q3 has also coincided with stronger import levels of base metals,” the report stated.

China’s industrial production grew by 4.5% in August compared to a year ago, beating expectations for 3.9% growth. And within that category, the value added of equipment manufacturing grew 5.4% year on year.

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