Higher Copper Ingot Price in Japan

Nippon Mining & Metals increased the official copper ingot price by 30,000 yen to 870,000 yen per tonne for March shipment, which is the highest level in 4 months. The firm increased the price by total 110,000 yen in the 7 times of price changes. The price increased by 26.1% from recent bottom of 690,000 yen on February 6. The averaged monthly price increased to 800,000 yen for March. Mitsui Mining & Smelting increased the official zinc ingot price by 6,000 yen to 425,000 yen per tonne for March shipment on Tuesday. The monthly averaged price reached 428,400 yen. Nippon Mining & Metals increased the price after surge in offshore market. Copper ingot cash price increased by 5.55 US cents to 312.45 US cents per pound on Monday from Friday. The price increased by US$ 60 to US$ 6,895 per tonne at afternoon session of London Metal Exchange. Japanese copper smelters’ breakeven point with imported ore is estimated to be just less than 871,000 yen per tonne including 43,000 yen of premium and charges based on NY kerb on Monday, which represented US$ 6,880 per tonne.