Japan Official Copper Price Approaches 1 Million Yen/t Again

Nippon Mining & Metals announced on Friday the firm raised official copper ingot price by 20,000 yen to 990,000 yen per tonne for domestic shipment in July. The price was revised up 5 times in a row in July, especially 3 times within 5 business days of July 10-14. The price might reach 1 million yen again for the first time since mid May. The averaged monthly price became to 962,500 yen.Japanese smelters’ breakeven point with imported copper ore is estimated to be over 988,000 yen per tonne including 43,000 yen of premium and other charge based on NY kerb on Thursday, which represented US$ 8,106 per tonne at LME cash price.