Separately, the price of oil continued to fall yesterday amid growing evidence of weakening demand.

With a prospect of weakening demand, the company will probably cut its buying commitments.

The company said that although aluminium output was at record levels, it was responding to the signs of weakening demand and might cut production rates at higher-cost smelting units.

That meant weakening demand for raw materials.

Analysts have suggested that some airlines will have difficulty passing on rising costs in the face of a deterioriat-ing economic climate, which could lead to weakening demand for travel.