Japan Official Copper Price Would Up by 30,000 yen/t

Japanese official copper ingot price is likely to be raised by about 30,000 yen per tonne on Thursday to reflect the strong upsurge of overseas copper markets. Japanese smelters’ breakeven point with imported copper ore is estimated to be over 1.008 million yen per tonne including 43,000 yen of premium and other charge based on New York kerb on Tuesday, which represented US$ 8,274.5 per tonne at LME spot price.Copper spot purchasing price at London Metal Exchange was US$ 8,255 per tonne in afternoon trading on Tuesday while the 3-month future price was US$ 8,175. Both exceeded the yearly highest records marked on 20 July, 2007. Copper spot price at New York Mercantile Exchange was US 370.05 cents per pound on Tuesday, which exceeded US 370 cents for the first time since US 375.40 cents on 20 July.