Japan Official Copper Price Declines to 900,000 yen/t

Nippon Mining & Metals announced on Thursday the firm decreased official copper ingot price by 40,000 yen to 900,000 yen per tonne for domestic shipment in October. Monthly averaged price became to 905,700 yen. The official price declined to the level as cheap as early July 2006 following the plunge of overseas copper markets due to the decease of crude oil and precious metal markets.Japanese smelters’ breakeven point with imported copper ore is estimated to be less than 894,000 yen per tonne including 43,000 yen of premium and other charges based on US$ 7,115-7,145 per tonne of New York kerb price on Wednesday.The market price of copper fabricated products kept flat in Tokyo despite of the decline of the official copper price. Dealers cannot decrease their reselling prices with expectation the official price might rebound again and Japanese copper fabricators are increasing their rolling charges.In Osaka dealers of copper fabricated products are going to increase their inventories when the official copper price was revised down, the indicator for copper fabricated product prices. The dealers have purchased the products just as much as actual demand with extreme high copper price.