Japan Official Copper and Zinc Prices Plunge Down

Domestic shipment prices for non-ferrous metal ingot are remarkably decreasing in Japan to reflect decline of overseas copper and zinc markets. Nippon Mining & Metals announced on Tuesday the firm revised down official copper ingot price by 50,000 yen to 690,000 yen per tonne for domestic shipment in February, while Mitsui Mining & Smelting reduced official zinc ingot price by 40,000 yen to 420,000 yen per tonne on the same day. The domestic copper price became to below 700,000 yen and hit lowest since April 3, 2006. The zinc price became lowest since July 25, 2006.Japanese copper user source expected overseas copper price keeps downtrend with many negative factors such as slower demand to reflect less US housing starts, strong US dollar and speculators’ large deficits, despite possibility for some technical rebound in copper market. Zinc price is expected to follow weak trend of copper.Nippon Mining & Metals revised down official copper ingot price to 690,000 yen per tonne, monthly average of which became to 697,800 yen. The official price declined by 130,000 yen or 15.85% from January 4, 2007. The official zinc price was revised down to 420,000 yen per tonne and the monthly average became to 426,300 yen. The price downed by 23% from 543,000 yen at the beginning of this year to reflect downtrend of overseas zinc market.