Nippon Mining & Metals announced on Tuesday the firm raised the official copper ingot price by 40,000 yen to 550,000 yen per tonne for domestic shipment in October. The price rebounded up for the first time since 22 September. The monthly average would become 595,400 yen without any more revision within October.
Copper 3-month future price at London Metal Exchange was US$ 4,740 per tonne on 20 October, slightly surging by US$ 50 compared with US$ 4,720 along which Nippon Mining & Metals previously revised the official ingot price. However, the firm raised the official ingot price since the previous revision range by 60,000 yen down was wider by 10,000 yen than the estimated breakeven level. Another factor was recovery of US dollar exchange rate. The telegraphic selling rate is currently around 102.50-103.00 yen per US dollar which was around 100 yen at the beginning of this month. The latest revision range seems slightly over Japanese copper smelters’ present breakeven point. The breakeven point is estimated at just below 535,000 yen per tonne based on NY kerb on 20 October (which represents US$ 4,788 per tonne) or 545,000 yen based on LME copper settlement on 20 October (US$ 4,875.5 per tonne), including 43,000 yen of premium and charges.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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