Japan Copper Ingot Hits 1.04 million yen/t

Nippon Mining & Metals announced on Tuesday the firm increases the official copper ingot price by 20,000 yen to 1.04 million yen per tonne for July shipment. The third hike increases the price by 6.1% from end of June and almost record level just behind 1.05 million yen on May 7. The averaged price increases to 1.0314 million yen. The firm reflects the higher copper ingot market when London Metal Exchange’s settlement price hit US$ 8,041 per tonne on Monday, which was the first over US$ 8,000 since May 10. Foreign exchange rate of yen is still as low as 124.29 yen per US dollar on Tuesday. Japanese smelters’ breakeven point with imported copper ore is estimated to be 1.044 million yen per tonne including 43,000 yen of premium and charges based on NY kerb on Monday, which represents US$ 8,060 per tonne.