Lower Japan Copper, Zinc Ingot Price

Nippon Mining & Metals announced on Tuesday the firm reduces the official copper ingot price by 60,000 yen to 900,000 yen per tonne for March shipment. The averaged monthly price decreases by 42,000 yen to 913,500 yen. Mitsui Mining & Smelting announced on the day the firm reduces the official zinc ingot price by 20,000 yen to 300,000 yen. The averaged price decreases to 306,000 yen. Those price decreases with lower offshore market and higher yen rate. Copper price decreased by US$ 259.50 to US$ 8,400.50 per tonne at settlement of London Metal Exchange on Monday from previous trading day. Copper cash price also dropped by 12.35 US cents to 380.85 US cents per pound at New York Mercantile Exchange. Those price is the lowest level in 2 weeks. Foreign exchange rate of yen increased to 102.65 yen per US dollar on Tuesday, which was the highest level since January 2000. With the condition, Japanese copper smelters’ breakeven point is estimated to decease to around 905,000 yen per tonne. LME zinc settlement price decreased by US$ 100.50 to US$ 2,540 per tonne on Monday from previous trading day. The price dropped by 10% in 2 trading days after yearly high at US$ 2,825 on Thursday.