The specter of recession has hung heavy over this year’s London Metal Exchange (LME) Week festivities. The analyst consensus is that Europe’s manufacturing sector is already contracting and the United States may well follow. Demand forecasts have been slashed. The International Lead and Zinc Study Group (ILZSG) now expects global zinc usage to contract by 1.9% this year. At its April meeting it was expecting 1.6% growth. The International Nickel Study Group has cut its global demand forecast from 8.6% in May to 4.2%, reflecting a slide in stainless steel production. Large amounts of aluminum are already turning up in…