Primary aluminium inventory at warehouses designated by London Metal Exchange (LME) jumped up on 16 September. The inventory increased by 55,075 tonnes to 1.24 million tonnes on 16 September from the previous day, which especially surged by 52,000 tonnes in Baltimore, USA. Some sources suggested traders seemed to realize commodity into cash with concerns on financial crisis caused by bankruptcy of US Lehman Brothers.LME aluminium inventory recently showed increasing trend when global demand for primary aluminium slowed down due to global economic stagnancy after US subprime loan problem emergence. On 16 September, LME inventory in Baltimore jumped up to 271,425 tonnes and exceeded Singapore. Financial instability caused by Lehman Brothers’ bankruptcy would affect commodity markets.LME aluminium inventory is expected to continue surging. Actual demand for primary aluminium is weakening in USA and Europe. In Asia, aluminium export for USA is concerned to decline. A Japanese trader source said LME inventory might hit 1.3 million tonnes with weaker demand.In Japan, domestic market price of primary aluminium ingot plunged down to 277 yen per kilogram without freight on 17 September, the lowest since January of this year. LME primary aluminium, the indicator, became below US$ 2,500 per tonne at spot price on 16 September. The 3-month future price was US$ 2,538 at purchasing price in afternoon trading on the same day, which decreased by US$ 30 from the previous day and hit lowest since US$ 2,505 on 28 January of this year.
Japan Steel Scrap Composite Prices (Sangyo Press)
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