Japan Official Copper Price Ups by 30,000 yen/t

Nippon Mining & Metals announced on Monday the firm increased the official copper ingot price by 30,000 yen to 990,000 yen per tonne for domestic shipment in May. The firm increased the price for the first time in 2 weeks under the higher offshore price and lower yen rate. The averaged monthly price increased by 5,000 yen to 968,000 yen. The firm is still willing to hike the May shipment price despite of the month end timing under the offshore volatile market. Copper cash price increased by US$ 111 to US$ 8,301 per tonne at settlement of London Metal Exchange on Friday from previous day. The price increased for 4 consecutive trading days after speculators’ closing positions though the price lunged to US$ 7,620 temporally from the recent peak at US$ 8,788 on May 12. Copper price recovered 400 US cents per pound at May delivery settlement of New York Mercantile Exchange on Friday. Nippon Mining & Metals reduced the official copper price to 960,000 yen per tonne on May 19 after the firm increased the price to record 1 million yen on May 15. However, the price could reach 1 million yen again under rebound of offshore market. Lower yen rate also lifts the official price. The telegraphic transfer rate is 113.35 yen per US dollar on Monday, which is 1.47 yen lower than when the firm reduced the official price on May 19.

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