Japan Official Zinc Price Hits 471,000 yen/t

Mitsui Mining & Smelting announced on Friday the firm raised official zinc ingot price by 37,000 yen to record 471,000 yen per tonne for domestic shipment in May. The monthly averaged price increased to 462,800 yen. The firm increased the official price at the widest step in 2006 thanks to continuously surging zinc market at overseas.Zinc spot price at London Metal Exchange marked record US$ 3,990 per tonne at settlement on Thursday, increasing by US$ 379.5 from Wednesday. Speculative funds continue to inflow widely into non-ferrous metals markets and zinc settlement price jumped up by 19% this month.