Higher Copper and Zinc Price in Japan

Nippon Mining & Metals announced on Thursday the firm increased the official copper ingot price by 20,000 yen to 920,000 yen per tonne for July shipment. The averaged monthly price increased to 917,000 yen. Mitsui Mining & Smelting announced on the day the firm increased the official zinc ingot price by 13,000 yen to 427,000 yen per tonne for July shipment. The averaged monthly price increased to 425,100 yen. They increased the prices when offshore market price increased while foreign exchange rate of yen keeps low. Copper price was US$ 7,500.50 per tonne at settlement of London Metal Exchange on Wednesday, which was the highest price after US$ 7,590 on June 8. LME zinc price increased by US$ 37 to US$ 3,372 per tonne on the day from previous day. Telegraphic transfer selling rate of yen decreased to 116.6 yen per US dollar in Tokyo on Thursday, which was the lowest level since June end. Japanese smelters breakeven point with imported copper ore is estimated to be 920,000 yen per tonne including 43,000 yen of premium and other charges based on US$ 7,521 per tonne of NY kerb price on Wednesday.