Japan Official Copper Price Higher, Zinc Lower

Nippon Mining & Metals announced on Wednesday the firm revised up the official copper ingot price by 20,000 yen to 870,000 yen per tonne for domestic shipment in March. Monthly average was fixed at 895,000 yen, higher by 6,000 yen from February.Copper settlement at London Metal Exchange was US$ 8,240 per tonne on 25 March, which sharply rebounded by US$ 451 from 20 March. However, LME settlement was still lower than US$ 8,285 on 18 March along which Nippon Mining & Metals previously revised the official price.Telegraphic transfer selling rate was 100.90 yen per US dollar on 26 March, weaker than 98.02 yen on 18 March. Weaker yen pushed up domestic copper ingot price.Mitsui Mining & Smelting announced on Wednesday the firm revised down the official zinc ingot price by 5,000 yen to 275,000 yen per tonne for domestic shipment in March. The latest price dropped down by 14% from the yearly highest marked on 3 March. Monthly average was fixed at 296,000 yen.LME zinc settlement rebounded by US$ 57 to US$ 2,317 per tonne on 24 March from 20 March. However, the settlement was lower by US$ 163.5 compared with 17 March along which Mitsui Mining & Smelting previously revised official zinc price.