Japan Copper Price Hits Record at 910,000 yen/t

Japanese official copper ingot price, which is indicator for trading of electrolytic copper and copper scrap, hit record high exceeding 890,000 yen per tonne in May 1974. Nippon Mining & Metals increased the price by 70,000 yen to 910,000 yen for April shipment just 2 day after previous increase under surging offshore market. The averaged monthly price increased to 783,500 yen. The price increased by 230,000 yen from 680,000 yen per tonne at the end of March after 7 times hikes in April. The offshore price surges led by copper transaction at New York Mercantile Exchange (NYMEX). The price keeps increasing every day due to more purchase by speculators under worldwide very tight supply. The price increased by 26.95 US cents to 348.30 US cents per pound at NYMEX on Wednesday from 321.35 US cents on Monday, on which Nippon Mining & Metals increased official copper price based. Copper price increased by more than US$ 530 to US$ 7,400 per tonne at settlement of London Metal Exchange from US$ 6,866. Copper price keep renewing record at both markets. Nippon Mining & Metals said on Thursday the firm increased the copper price to meet surging offshore market. Japanese smelter used to change the official copper price with 2 business days interval in medium of month and with 3 days interval at the end of month. Domestic interests acknowledge such custom. However, the smelter is forced to change the price timely to meet surging offshore market.