Japan Official Zinc Price Hits Yearly Lowest at 285,000 yen/t

Mitsui Mining & Smelting announced on Tuesday the firm revised down the official zinc ingot price by 10,000 yen to 285,000 yen per tonne for domestic shipment in November. The latest price hit the yearly lowest since 21 November impacted by the stronger yen against US dollar. The price stays at the lowest level since February 2006. The monthly average would be 329,000 yen without any more revision within November.The telegraphic transfer selling rate was 108.36 yen per US dollar on Tuesday. Yen exchange rate became stronger by 1.35 yen against US dollar from Monday and higher by 2.50 yen compared with 21 November when Mitsui Mining & Smelting previously revised the official zinc price.Zinc spot price at London Metal Exchange increased by US$ 84.5 to US$ 2,320 per tonne at settlement on Monday from Friday. However, LME zinc settlement declined by 15% within November when the market is weak with concerns that global zinc supply is expected to become easier. Zinc market is also impacted by US subprime lending problem. Nonferrous metals demand is concerned to become slower due to the global economy stagnancy.