Japan Official Copper Price Decreases after 70 Days Rise

Nippon Mining & Metals announced on Friday the firm revised down official copper ingot price by 40,000 yen to 960,000 yen per tonne for domestic shipment in May. The monthly averaged price became to 968,000 yen. The firm decreased the official copper price for the first time since March 9, 2006 due to the plunge of overseas copper markets and higher exchange rate of yen against US dollar.Copper spot price marked record US 403.30 cents per pound at New York Mercantile Exchange (NYMEX) on May 11, which equals to US$ 8,891.15 per tonne, and record US$ 8,788 per tonne at London Metal Exchange (LME) at settlement on May 12. Japanese official copper price was previously revised up on May 15 and reached 1 million yen per tonne for the first time, which reflected records at overseas copper markets.Overseas copper prices plunged last week under profit taking pressure by speculative funds with cautiousness on high copper prices and the decline of crude oil and precious metal markets. LME copper settlement price plunged by more than US$ 600 from the record to US$ 8,160 per tonne on Thursday. NYMEX copper spot price declined to US 386.95 cents per pound.Japanese official copper price also reflected higher exchange rate of yen against US dollar. The telegraphic transfer selling (TTS) rate became 111.88 yen per one US dollar on Friday, which was at the level in September 2005.