Japan Official Copper Price Drops, Zinc and Lead Hit Records

Nippon Mining & Smelting announced on Wednesday the firm set official copper ingot price at 910,000 yen per tonne for domestic shipment in November, which decreased by 30,000 yen from the last revision on October 26. The new price is the lowest level in 4 months since 900,000 yen during July 3-5. The official price was revised down due to continuous decline of overseas copper markets and rebound of foreign exchange rate of yen against US dollar. Overseas copper markets downed when copper inventory held by London Metal Exchange increased for several days, US economy was concerned to become slower and Chinese copper import volume decreased.Mitsui Mining & Smelting announced on Wednesday the firm raised official zinc ingot price by 10,000 yen to 544,000 yen per tonne for domestic shipment in November. The price marked record again next to October 26 thanks to high zinc market at overseas, even though foreign exchange rate of yen became stronger against US dollar on the day.Mitsubishi Materials announced on the same day the firm raised official lead ingot price by 11,000 yen to 233,000 yen per tonne for domestic shipment in November. The price approaches record 240,000 yen marked on August 4, 1981.