Japan Official Copper Price Downs by 30,000 yen/t

Nippon Mining & Metals announced on Monday the firm decreases the official copper ingot price by 30,000 yen to 910,000 yen per tonne for November shipment to reflect lower offshore market. The price is the lowest level since September 11. The averaged monthly price decreases to 912,800 yen. Nippon Shindo announced on Monday the firm reduces the purchase price of brass turning scrap by 18 yen to 627 yen per kilogram for products with 0.8% moisture and oil and with 120 days note settlement. Sambo Copper Alloy also reduced the purchase price of brass turning scrap by 18 yen to 627 yen per kg. Lower copper ingot price could impact on Japanese copper chain. Copper price at London Metal Exchange decreased by US$ 126 to US$ 7,535 per tonne at settlement on Friday from previous day. LME price decreased by US$ 100 to US$ 7,424 in the afternoon session. The price decreased due to higher LME inventory, slower demand and impact of US subprime loan.