Primary Aluminium to Down Widely in Osaka

The market price of primary aluminium ingot seems to down widely to 314-315 yen per kilogram next week to reflect the plunge down of overseas aluminium market on 10 August. Dealers’ trading is pausing during Japanese summer holidays of this week. Market trading will restart on 20 August after summer holidays at metal dealers and large contract users including automakers and building material makers. At London Metal Exchange primary aluminium dropped down to US$ 2,595 per tonne at 3-month future price on 10 August, which became to below US$ 2,600 for the first time since October 2006. LME aluminium price seems to decline more. Domestic primary aluminium price is likely to reflect the plunge down of LME aluminium and to hit the yearly lowest of 314-315 yen per kg after the restart of market trading, despite of the rebound of telegraphic transfer selling rate of yen against US dollar on 13 August.