Japan Official Copper and Lead Prices Increase

Nippon Mining & Metals announced on Monday the firm raised the official copper ingot price by 10,000 yen to 1 million yen per tonne for domestic shipment in October. The monthly average would be 998,600 yen without any more revision within October. Copper settlement at London Metal Exchange was US$ 8,226 per tonne and copper spot price at New York Mercantile Exchange was US 364.90 cents per pound on Thursday, both of which rebounded from previous trading day. Telegraphic transfer selling rate was 118.73 yen per US dollar on Monday, the cheapest since 119 yen on 14 August, 2007.Mitsubishi Materials announced on Monday the firm raised the official lead ingot price by 18,000 yen to 507,000 yen per tonne for domestic shipment in October. The latest price hit 500,000 yen for the first time and exceeded the record marked on 9 October. The monthly average would be 489,200 yen without any more revision within October. LME lead settlement was US$ 3,894.5 per tonne on Friday. The settlement downed by US$ 64.5 from Thursday but was higher by US$ 154.5 from 8 October along which Mitsubishi Materials previously revised the official lead ingot price.