Japan Official Copper Price Up, Lead Price Down

Nippon Mining & Metals announced on Monday the firm raised the official copper ingot price by 30,000 yen to 830,000 yen per tonne for domestic shipment in November. The official price was revised up for the first time since 15 October. The monthly average would be 852,800 yen without any more revision within November.Copper spot price at New York Mercantile Exchange was US 308.20 cents per pound on Thursday, which hit the lowest since late March 2007. NYMEX copper price rebounded to US 315.60 cents on Friday due to short covering. Additionally NY kerb increased to US$ 7,010 per tonne on the same day.Mitsubishi Materials announced on Monday the firm revised down the official lead ingot price by 10,000 yen to 418,000 yen per tonne for domestic shipment in November. The latest price hit the lowest in recent 2.5 months. The monthly average would be 441,600 yen without any more revision within November.Lead spot price at London Metal Exchange was US$ 3,380 per tonne at settlement on Friday, down by US$ 150 from the previous day. LME lead settlement became to below US$ 3,400 for the first time since 20 September, 2007.