Nippon Mining & Metals Cuts Copper Ingot Price by 40,000 yen/t

Nippon Mining & Metals announced on Friday the firm decreased official copper ingot price by 40,000 yen to 950,000 yen per tonne for July shipment. The averaged price decreased to 948,500 yen. The indicative offshore copper price decreased in the week when the players prepared for the peak out, US dollar exchange rate increased under crisis in Middle East, Grupo Mexico settled strike at Cananea mine and Escondida approached settlement for the labor dispute. The price decreased to 10 days low of US$ 7,722 per tonne at settlement of London Metal Exchange on Thursday. The price at New York Mercantile Exchange also dropped to monthly low of 348.50 US cents per pound at cash delivery during decrease for 4 days. Japanese smelters’ breakeven point with imported ore is just more than 954,000 yen per tonne including 43,000 yen of premium and charges based on LME settlement. The breakeven point based on NY kerb, which represented US$ 7,464.50 per tonne on Thursday, is less than 925,000 yen and lower than the new official price.