Japan Official Copper Price Rises by 60,000 yen/t

Nippon Mining & Metals announced on Monday the firm increases the official copper ingot price by 60,000 yen to 920,000 yen per tonne for August shipment. The firm reflects the higher offshore market and lower yen rate after 20,000 yen hike on August 22. The price rebounded since the widest 120,000 yen drop to 840,000 yen on August 17. The averaged monthly price reaches 930,400 yen. Copper market price increased by more than US$ 300 to US$ 7,310 per tonne at settlement of London Metal Exchange on Friday from previous day. Copper price also increased by more than 20 US cents at New York Mercantile Exchange. Foreign exchange rate of yen is as low as 117 yen per US dollar at telegraphic transfer selling rate. Mitsubishi Materials announced on Monday the firm increased the official lead ingot price by 51,000 yen to 434,000 yen per tonne for August shipment, which is the second high after 468,000 yen on July 23. The price topped zinc ingot price again and the averaged monthly price reaches 411,000 yen. Mitsui Mining & Smelting announced on Monday the firm increases the official zinc ingot price by 17,000 yen to 405,000 yen per tonne for August shipment. The averaged monthly price increases to 427,100 yen. LME lead ingot price increased by US$ 65 to US$ 3,265 per tonne on Friday from previous day under tight supply while LME zinc ingot price decreased by US$ 100 to US$ 3,100 per tonne.