Japan Official Lead Price Recovers the Level of 2 Months Ago

Mitsubishi Materials announced on Tuesday the firm raised official lead ingot price by 10,000 yen to 171,000 yen per tonne for domestic shipment in July. The price was revised up to the level as high as May 17 thanks to the firm tone of overseas lead market and the weaker foreign exchange rate of yen against US dollar. The monthly averaged price became to 165,000 yen.Lead spot price at London Metal Exchange decreased by US$ 34.5 to US$ 1,111 per tonne at settlement on Monday, while the price was still higher by US$ 100.5 from July 7 along which Mitsubishi Materials previously revised Japanese official lead price. The telegraphic transfer selling (TTS) rate became to 118.07 yen per one US dollar on Tuesday, which became cheaper by 3.08 yen from July 10 when the official price was previously revised.