Japan Official Copper Price Rebounds to 840,000 yen/t

Nippon Mining & Metals announced on Thursday the firm revised up the official copper ingot price by 20,000 yen to 840,000 yen per tonne for domestic shipment in March. The official price returned to the highest level since December 15, 2006, which has been revised as frequently as 6 times within March. The monthly average became to 794,200 yen.Overseas copper markets are strong. Copper settlement price at London Metal Exchange was US$ 6,685.5 per tonne on Wednesday, the highest level since mid December, 2006. Copper spot price at New York Mercantile Exchange was US 301.90 cents per pound on Wednesday, which maintained the high level at above US$ 3.In addition, telegraphic transfer selling rate is weakening to around 118-119 yen per US dollar from 116-117 yen on March 6. Japanese official copper price was revised up due to strong copper markets at overseas and weaker yen against US dollar.