Japan Official Copper Price Rebounds to 810,000 yen/t

Nippon Mining & Metals announced on Friday the firm revised up the official copper ingot price by 30,000 yen to 810,000 yen per tonne for domestic shipment in January. The price was revised only after 3 business days from 780,000 yen announced on 22 January. The monthly average would be 813,600 yen without any more revision within January.Copper 3-month future price at London Metal Exchange was US$ 6,860 per tonne on 21 January, which hit the yearly cheapest. Nippon Mining & Metals previously revised down the official copper price on 22 January when LME copper price declined and the foreign exchange rate of yen became sharply stronger against US dollar.LME copper 3-month price rebounded to US$ 7,055 on 24 January, which exceeded US$ 7,000 after a week. The telegraphic transfer selling rate was 108.16 yen per US dollar on Friday, cheaper by more than 1 yen from 106.93 yen on 22 January.