Japan Official Copper Price Revised Down Again

Nippon Mining & Metals announced on Friday the firm decreased official copper ingot price by 20,000 yen to 910,000 yen per tonne for domestic shipment in June. The new price is at the lowest level since April 2006. The monthly averaged price became to 919,500 yen.Nippon Mining & Metals revised down the price due to the sharp decline of overseas copper markets. Copper price at New York Mercantile Exchange continued to decrease sharply under concerns for inflation, weaker economy and higher interest rates in U.S.A. The spot price plunged down by US 22.7 cents, which equaled US$ 500.5 per tonne, to US 345.20 cents per pound on Thursday, lowest level since US 342.50 cents on May 3.Copper spot price at London Metal Exchange also plunged down to US$ 7,480 per tonne in afternoon session on Thursday, lowest level since US$ 7,200 on May 3, although the price sustained US$ 7,590 at settlement on the same day. Nippon Mining & Metals revised down official copper price again after June 6, though the telegraphic transfer selling rate became 115.03 yen per one US dollar, which weakened to the level as cheap as the end of April 2006 with concerns for higher interest rates in U.S.A.