Primary Al Price Hits Year-High in Osaka

Primary aluminium ingot market price increased to 233 yen per kilogram around Osaka on Wednesday, which renewed the highest price in the year for the first time in 3 months. The price would increase more under the higher offshore market and lower yen rate.

Primary aluminium ingot price at London Metal Exchange increased to more than 2,300 yen per tonne on Tuesday for the first time since mid January due to the higher copper price and weak dollar. Telegraphic transfer selling rate declined to 94.04 yen per US dollar on Wednesday, which is the lowest rate since January 8. Japanese theoretical primary aluminium value increased by 8 yen per kg on Tuesday and Wednesday due to the overseas price increase and weak yen.

The domestic demand is firm for automobile while the building demand is still very slow due to slump in housing market, according to market sources.