"Tax breaks on exports of aluminium, copper, processed vegetable and animal oils, and microbial oils will be abolished," the ministry said, adding that the measure would take effect on December 1.

The move is expected to raise the selling price of these materials for domestic companies in the country, which is the world's largest exporter of metals.

Aluminium and copper are key materials for the manufacturing, automotive and construction industries.

Importers of these metals, including the US, Japan and South Korea, risk facing higher prices if these tax breaks are removed.

In addition, export tax rebates "for certain refined oils, photovoltaic products, batteries and other mineral products" will be reduced from 13% to 9%, the ministry's press release added.

In London, aluminium prices jumped more than 7% at midday on November 15, while copper prices rose more than 1%. | BGNES