Japan Official Copper Price Continues Increasing

Nippon Mining & Metals announced on Tuesday the firm raised the official copper ingot price by 10,000 yen to 980,000 yen per tonne for domestic shipment in September. The firm has revised the official price 6 times in September. The latest price jumped up by 12.6% or 110,000 yen from the latest bottom of 870,000 yen on 11 September and rebounded to the highest level in recent 45 days. The monthly average would be 927,200 yen without any more revision within September.Copper spot and future prices at London Metal Exchange hit above US$ 8,000 per tonne on Monday, which returned to the level for the first time since 2 August, 2007. Copper spot price at New York Mercantile Exchange was US 362.70 cents per pound on Monday, which exceeded US 360 cents for the first time since US 365.35 cents on 31 July, 2007.