Japan Lower Copper & Zinc Price, Higher Lead Price

Japanese official copper and zinc ingot prices decreased for December shipment due to higher yen rate and lower market at London Metal Exchange while the official lead price increased by 13,000 yen to 236,000 yen per tonne, which is second yearly high after 250,000 yen on November 8, reflecting higher LME price. The official zinc price keeps historical high level at 552,000 yen despite of the 29,000 yen down when LME price keeps more than US$ 4,300 per tonne with lower inventory.Nippon Mining & Metals announced on Friday the firm decreased the official copper price by 10,000 yen to 860,000 yen per tonne for December shipment under lower LME price and higher yen rate. LME copper price decreased by more than US$ 100 to US$ 6,936 per tonne on Thursday from Tuesday. The yen rate is less than 116 yen per US dollar, which is the highest level since mid-August, under expectation for slower US economy. Japanese smelters’ breakeven point is estimated to be 863,000 yen per tonne including 43,000 yen of premium and charges based on NY kerb on Thursday, which represented US$ 7,060-7,070 per tonne. Mitsubishi Materials reduced the official lead price after the LME settlement increased by US$ 40.50 to US$ 1,674.50 per tonne on Thursday from previous day. The official price is still high level comparable with 280,000 yen per tonne in April 1980. LME price could reach US$ 1,700 again after the plunge to US$ 1,470 on November 15 from record US$ 1,765 on November 7. Mitsui Mining & Smelting reduced the official zinc price. The price is still 2 times higher than the beginning of the year though the price is lower than the record 581,000 yen per tonne on November 27. LME zinc settlement increased by US$ 65 to US$ 4,390 per tonne on Thursday from previous day. The market is still firm under lower inventory though the price decreased from record US$ 4,619 on November 24.