Japan Zinc Price Rebounds

Mitsui Mining & Smelting announced on Wednesday the firm increases the official zinc ingot price by 22,000 yen to 574,000 yen per tonne for December shipment. The price increased to historical high level after the rebound of offshore price despite of higher yen rate. The monthly averaged official price increased to 570,500 yen. Zinc ingot cash price increased by US$ 61 to US$ 4,600 per tonne at settlement of London Metal Exchange on Tuesday from previous day. The purchase activity lifted the price to the record level after the record US$ 4,619.50 on November 24 under firm aluminium market despite of higher zinc inventory. Japanese official price decreased to 552,000 yen per tonne for December due to higher yen rate and lower offshore price after record price at 581,000 yen on November 27. The foreign exchange rate of yen increased by 0.48 yen to 115.90 yen per US dollar on Wednesday. However, the official price increased to record level under higher offshore price.