Japan Official Zinc and Lead Prices Down

Mitsui Mining & Smelting announced on Thursday the firm revised down the official zinc ingot price by 25,000 yen to 280,000 yen per tonne for domestic shipment in January. The latest price dropped down by 13% from the beginning of this month and hit the lowest since 20 February, 2006 due to the decline of overseas zinc market and the underlying trend of stronger yen against US dollar. The monthly average would be 294,500 yen without any more revision within January.Zinc spot price at London Metal Exchange decreased by US$ 33.5 to US$ 2,262 per tonne at settlement on Wednesday from the previous day. The telegraphic transfer selling rate was 107.69 yen per US dollar on Thursday, up by 2.59 yen in late 2 weeks.Mitsubishi Materials announced on Thursday the firm revised down the official lead ingot price by 6,000 yen to 322,000 yen per tonne for domestic shipment in January. The monthly average would be 326,000 yen without any more revision within January. LME lead settlement was US$ 2,610 per tonne on Wednesday, which was US$ 2,630 when Mitsubishi Materials previously revised the official price.