Japan Official Copper Price Drops by 50,000 yen/t

Nippon Mining & Metals announced on Tuesday the firm reduced the official copper ingot price by 50,000 yen to 980,000 yen per tonne for May shipment. The price decreased to less than 1 million yen for the first time since April 17. The averaged monthly price decreases to 998,900 yen. Offshore copper ingot price decreased to US$ 7,770 per tonne at buy price in the afternoon session of London Metal Exchange on Monday, which was the lowest price since April 27. Japanese smelters’ breakeven point with imported ore is estimated to be 980,000 yen per tonne including 43,000 yen of charges and premium based on NY kerb on Monday, which represented US$ 7,715 per tonne. Mitsui Mining & Smelting announced on Tuesday the firm decreases the official zinc ingot price by 15,000 yen to 521,000 yen per tonne for May shipment. The averaged monthly price decreases to 525,700 yen. Mitsubishi Materials reduced the official lead ingot price by 3,000 yen to 290,000 yen per tonne for May shipment. The averaged monthly price decreases to 289,200 yen.