Japan Official Copper Price Drops to 930,000 Yen/t

Nippon Mining & Metals announced on Monday the firm revised down the official copper ingot price by 50,000 yen to 930,000 yen per tonne for domestic shipment in June. The latest price hit the lowest since 920,000 yen on April 4. The monthly average became to 942,800 yen.Copper spot price at London Metal Exchange declined to US$ 7,285 per tonne at settlement on Friday, the lowest price since May 30. Copper spot price also decreased at New York Mercantile Exchange to US 325.80 cents per pound on Friday, the lowest price since March 24.Overseas copper markets weakened when New York stock exchange sharply declined due to worse US economic indicators and the foreign exchange rate of US dollar became stronger against other currencies. After the mid of last week, copper markets followed the drop down of LME nickel price.Japanese smelters’ breakeven point with imported copper ore is estimated to be over 931,000 yen per tonne including 43,000 yen of premium and other charge based on New York kerb on Friday, which represented US$ 7,240 per tonne at LME spot price.