Japan Official Zinc Price Rebounds after 2 Weeks

Mitsui Mining & Smelting announced on Friday the firm raised official zinc ingot price by 37,000 yen to 446,000 yen per tonne for domestic shipment in May. The monthly averaged price increased by 8,200 yen to 435,900 yen. The price was revised up for the first time in 2 weeks when overseas zinc market rebounded and the foreign exchange rate of yen became weaker against US dollar.Zinc spot price at London Metal Exchange (LME) increased by US$ 135 to US$ 3,620 per tonne at settlement on Thursday from the previous day. LME zinc settlement price declined to US$ 3,325 by May 19 when commodity markets wholly became weaker including non-ferrous metals, gold and crude oil with speculative selling since mid May. Zinc spot price turned upward after short-term selling rounded and increased for 4 straight trading days under short spot supply of zinc ingot.Mitsui Mining & Smelting raised the official zinc price when the foreign exchange rate of yen became weaker against US dollar temporarily. The telegraphic transfer selling (TTS) rate was 112.76 yen per one US dollar on Friday, which became weaker by 2.14 yen from the yearly highest 110.62 yen on May 17. Japanese official zinc ingot price increased sharply supported by the rebound of LME zinc price and weaker yen.

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