Japan Official Copper Price Rebounds by 30,000 Yen/t

Nippon Mining & Metals announced on Tuesday the firm raised official copper ingot price by 30,000 yen to 870,000 yen per tonne for domestic shipment in June. The monthly averaged price became to 885,000 yen.Overseas copper markets rebounded sharply on Monday, the indicator for Japanese official price, when Phelps Dodge Corporation announced the acquisition of Inco and Falconbridge.Copper spot price at London Metal Exchange increased by US$ 160 to US$ 7,025 per tonne at purchasing price in afternoon session on Monday from Friday. Copper spot price at Commodity Exchange of New York also jumped up by US 10.15 cents to US 344.40 cents on Monday from Friday, which recovered to the level of US 345.20 cents on June 8.Telegraphic transfer selling rate was over 117 yen against one US dollar on Tuesday, the cheapest level since late April. The foreign exchange rate of yen continues to weaken against US dollar with concerns the U.S. interest rate might be raised.Japanese smelters’ breakeven point with imported copper ore is estimated to be over 878,000 yen per tonne including 43,000 yen of premium and other charges, based on NY kerb on Monday, which represented US$ 7,175 per tonne as LME cash price. The estimated price exceeds the new official copper price by around 10,000 yen.