Japan Official Copper Price Rebounds to 940,000 Yen/t

Nippon Mining & Metals announced on Friday the firm raised the official copper ingot price by 20,000 yen to 940,000 yen per tonne for domestic shipment in April. The firm revised up the price only after 2 business days to reflect the rebound of overseas copper market and weaker yen against US dollar. The monthly average would be 932,300 yen without any more revision within April, which upped by 7,600 yen from the previous revision.Copper spot price at London Metal Exchange was US$ 8,890 per tonne at purchasing price in afternoon trading on 16 April, approaching record US$ 8,892 marked on 9 March, 2008. Copper spot price at New York Commodity Exchange was US 398.80 cents per pound on 16 April, which also approached record US 402.80 cents market on 9 March.Telegraphic transfer selling rate was 103.59 yen per US dollar on 18 April. US dollar has gradually become stronger against Japanese yen in these 10 days.