Japan Official Copper Price in Rough Fluctuation

Nippon Mining & Metals announced on Tuesday the firm revised down the official copper ingot price by 30,000 yen to 970,000 yen per tonne for domestic shipment in July. The revision reflected the sharp decline of overseas copper markets on 7 July caused by the exchange rebound of US dollar. Nippon Mining & Metals has revised the official price 3 times during 6 business days in July, which stayed at 1 million yen for only 2 business days. The monthly average would be 975,000 yen without any more revision within July.Copper settlement at London Metal Exchange hit record US$ 8,985 per tonne on 3 July when US dollar became weaker against euro, workers’ strike continued at Peru copper mine and copper price at New York Commodity Exchange jumped up on the previous day. However, LME copper settlement dropped down by US$ 420 (4.7%) to US$ 8,565 on 7 July. Long liquidations rushed when US dollar sharply rebounded against other currencies after EU’s interest rate raise, oil future price became below US$ 140 per barrel and Peru strike settled down.