Nippon Mining & Metals Raises Copper Price by 30,000 yen/t

Nippon Mining & Metals announced on Tuesday the firm increased the official copper ingot price by 30,000 yen to 980,000 yen per tonne for October shipment under higher offshore market and lower yen rate. The averaged monthly price increased to 959,500 yen. The official price is third high as 980,000 yen on September 6 after 990,000 yen on July 14 and 1 million yen on May 15. Offshore copper price keeps increasing when oil and precious metals price increase under United Nations’ sanction on North Korea. Copper price increased to US$ 7,590 per tonne at settlement of London Metal Exchange on Monday. The LME cash buy price increased again to US$ 7,745 in the afternoon session, which was US$ 173 higher than price on Friday and recent high after US$ 7,840 on September 8. Copper cash price also increased to 356 US cents at New York Mercantile Exchange on the day, which was 16.15 US cents higher than price on Friday and the highest level in 40 days. The New York price move represented it increased by US$ 356 to US$ 7,846.20 per tonne. Foreign exchange rate of yen decreased by 0.77 yen to 119.99 yen per US dollar at telegraphic transfer selling rate on Tuesday. The lower yen rate also encouraged Nippon Mining & Metals to increase the price again after the firm increased the price by 50,000 yen on October 10 when yen rate keeps low after North Korea committed nuclear bomb test. Japanese smelters’ breakeven point is estimated to be just more than 982,000 yen per tonne including 43,000 yen of premium and charges based on New York kerb on Monday, which represented US$ 7,830 per tonne.