Japan Official Lead Price Hits Highest in 27 Years

Mitsubishi Materials announced on Monday the firm raised the official lead ingot price by 14,000 yen to 283,000 yen per tonne for domestic shipment in April. The official price exceeded yearly record on March 20 and hit the highest since 310,000 yen on March 12, 1980 when lead price jumped up at overseas market. The monthly average became to 279,500 yen.Lead settlement price at London Metal Exchange continued increasing and hit record US$ 2,021 per tonne on Thursday from previous day. LME lead settlement price was US$ 1,980 on April 1 along which Mitsubishi Materials previously revised the official price. Telegraphic transfer selling rate was 120.40 yen per US dollar on Monday, which became cheaper by 1.41 yen from April 2.