Syrah cuts as weaker yuan hurts commodity prices

Australian miners may find their Chinese customers have reduced buying power on the back of a weakening Chinese currency, after Syrah Resources nominated currency depreciation as a factor driving down prices for its graphite.

The ''sudden and material'' slump in graphite prices prompted ASX-listed Syrah to take dramatic action on Tuesday, slashing production at its Balama mine in Mozambique by 66 per cent.