LME aluminium stock levels, at some 1.3 million tonnes, are at an eight-year high, so price movements have not reflected the underlying supply/demand situation.Some traders said the manipulation of the market had long been evident and the LME action was a case of "closing the stable door after the horse has bolted". That compares the price for delivery in three months' time of $1,437 a tonne - the gap was even bigger at the end of last week.Futures markets do legitimately go into backwardation but that happens when there is a physical shortage of a good. Aluminium for delivery now costs $1,481 a tonne, up from $1,340 at the start of the year. The LME said: "The investigation will cover the price curve and its development over recent weeks, LME stock levels and movements both on to and off warrant [a document entitling the owner to physical delivery of aluminium], cancellation of warrants, off-warrant stock levels, individual trading patterns and possible collusion between market participants."Futures contracts are usually more expensive than the current of a commodity because it costs money to store a good for delivery months or years later. LME trades metals worth some $2,000bn (£1,244bn) a year and aluminium is the most actively traded. A concerted effort to drive up prices would require people colluding in both the physical and the futures market.

Aluminium is used by a variety of manufacturers, from aircraft to drink cans.The exchange said it was immediately reducing the size of trades that must be reported from 100 "lots" (each 25 tonnes) to 1 lot - so that it can monitor trades more carefully. In these circumstances, market manipulation is always the suspicion and fear."Most of the dealers that use the LME will be involved in both the physical market in aluminium trading and playing the futures market. It is feared that some traders may be acting together to squeeze prices. The LME, the world's largest non-ferrous market, said it was responding to recent price movements, which has seen the cash price - the price for immediate delivery - shoot up, while stock levels appear to be healthy. It has meant that buying aluminium for delivery now is considerably more expensive than buying for delivery at a future date, which is known as "backwardation".Kevin Noorish, head of commodities research at Barclays Capital, said: "Backwardation is normally a sign of scarcity but aluminium stocks are extremely high.

The London Metal Exchange has launched an investigation into possible collusion in the aluminium market, which could be behind a steep rise in prices. More than half of the votes were cast against the group's remuneration report.. Stakeholders in GlaxoSmithKline took advantage of the new rules and voted against million pound pay deals for executives in the biggest revolt of its kind in British corporate history. The rise in the 2002 survey was 16.1 per cent, in 2001 18.1 per cent, 2000 21.2 per cent, 1999 10.7 per cent, 1998 15.7 per cent, 1997 16 per cent, 1996 16 per cent, and 1995 10 per cent.Last year the Trade & Industry Secretary, Patricia Hewitt, introduced regulations giving shareholders a vote on directors' pay packages at annual general meetings.

The bonus put Mr Jones in second place in the pay rise league. His total rise amounted to 757 per cent taking pay, benefits and the bonus into account.The LRD survey found that directors of companies quoted on the stock exchange and earning more than £500,000 a year received an average 12.4 per cent pay rise - about three times the increase among private sector workers generally.Surveys conducted by the LRD in each of the last nine years have shown double percentage figures for increases. The 62,000 square feet of extra space in New Delhi will be ready for use in November, Mr Dhamija said.Analysts at Numis said "recent world events and the subsequent fall in travel demand for [long- and mid-haul destinations] has reaffirmed our concern about ebookers' market positioning towards those destinations".Ebookers said a pick-up in the peak autumn to winter booking period should ease the current slump in long-haul bookings. The company said pre-tax losses for the six months to 30 June had swelled to £12.3m against £7.05m, including acquisition costs and related fixed asset write-downs..