Japan Official Lead Price Revised Up by 3,000 Yen/t

Mitsubishi Materials announced on Monday the firm raised official lead ingot price by 3,000 yen to 153,000 yen per tonne for domestic shipment in June. The firm revised up the official price for the first time since May 11 when the foreign exchange rate of yen became weaker against US dollar. The monthly averaged price increased by 700 yen to 155,200 yen per tonne from the previous revision.Lead spot price at London Metal Exchange stayed at US$ 900-950 per tonne after the price decreased to below US$ 1,000 at settlement on June 12 and when LME copper and zinc prices were under the adjustment phase. LME lead price could keep the level at over US$ 900 and turned to the slight increase at the end of last week, when other nonferrous metal markets entered the fluctuation.Mitsubishi Materials seemed to revise up the official price when telegraphic transfer selling rate was 117.38 yen against one US dollar on Monday, which was 116.64 yen on June 20 when the official price decreased previously. The foreign exchange rate of yen became cheaper against US dollar.