Japan Copper Ingot Price Hits Record 1 million yen/t

Japanese official copper ingot price reached record 1 million yen per tonne on Monday. The leading maker, Nippon Mining & Metals announced on the day the firm increased the official copper ingot price by 40,000 yen to 1 million yen per tonne for May shipment. The price indicator price for domestic copper products and scrap increased to averaged 983,800 yen for the month. The price increased when offshore copper price surged despite of higher yen rate against US dollar. Japanese official copper ingot price increased by 420,000 yen or 72% from 580,000 yen per tonne at the beginning of the year. The price increased by 380,000 yen by the 13 consecutive hikes though the price temporally dropped to 610,000 yen on March 1 and to 620,000 yen on March 9.