Japan Official Copper and Zinc Prices Decrease

Nippon Mining & Metals announced on Thursday the firm revised down the official copper ingot price by 30,000 yen to 920,000 yen per tonne for domestic shipment in July. The firm has revised the price 5 times during 14 business days in July. The latest price dropped down by 80,000 yen from the recent peak at 1 million yen on 3 July. The monthly average would be 948,600 yen without any more revision within July. Copper prices at London Metal Exchange and New York Commodity Exchange, the indicators for Japanese official price, are weakening after the records hitting at the beginning of this month.Mitsui Mining & Smelting announced on Thursday the firm revised down the official zinc ingot price by 15,000 yen to 235,000 yen per tonne for domestic shipment in July. The monthly average would be 238,000 yen without any more revision within July. LME zinc settlement continued decreasing by US$ 149.5 to US$ 1,760.5 per tonne on 16 July from the previous day. LME zinc settlement dropped down by US$ 263.5 or 13% from recovering US$ 2,000 on 11 July.