Japan Primary Al Price Hits Lowest in 2 Years

Market price of primary aluminium ingot declined by 2 yen to 291-296 yen per kilogram around Osaka on Monday compared with Thursday at the selling price by major trading houses. The latest price hit the yearly bottom since 10 September and downed to the lowest since December 2005.Primary aluminium price at London Metal Exchange, the indicator for Japanese domestic aluminium price, dropped down to US$ 2,439 per tonne at settlement on Friday due to the increase of LME aluminium inventory, the expansion of Chinese aluminium output and the decline of LME copper and zinc prices. LME aluminium price hit US$ 2,582 at the beginning of November, the highest level since early August.The telegraphic transfer selling rate stays at around 109-110 yen per US dollar recently, which becomes the highest since June 2005.