Japan Copper Ingot Price Rises by 60,000 yen/t

Nippon Mining & Metals announced on Tuesday the firm increases the official copper ingot price by 60,000 yen or 7.9% to 820,000 yen per tonne for December shipment to reflect lower offshore market and lower yen rate. The averaged monthly price increases to 794,700 yen compared with year high of 1.05 million yen on May 7 and year low of 690,000 yen on February 6. The offshore market decreased to the lowest level on December 18 since mid-March due to potential risk for US subprime loan. However, the price increased to US$ 6,700 per tonne at London Metal Exchange while foreign exchange rate of yen deceased to more than 115 yen per US dollar at telegraphic transfer selling rate, which was the lowest level since early November.