Nippon Mining & Metals announced on Tuesday the firm increased the official copper ingot price by 30,000 yen to 750,000 yen per tonne for April shipment. The price increased to highest level after 780,000 yen in mid-February in 1980. The price increased by 70,000 yen from 680,000 yen at the end of March after the third hike in April The averaged monthly price increased to 736,500 yen.The firm increased the price again and again when offshore copper price renews record almost every day especially in New York. Speculative money purchases copper aggressively under expectation of short supply when worldwide labor disputes including strike at La Caridad mine of Grupo Mexico. Copper settlement price at London Metal Exchange increased by US$ 91 to US$ 5,921 per tonne in the morning session on Monday and the price increased to US$ 5,934 at cash purchase price in the afternoon. Copper price increased by 6.85 US cents to 273.90 US cents per pound at cash settlement, which represents US$ 6,038.4 per tonne in New York. The market prices keep renewing record. Foreign exchange rate of yen also decreased to 119.55 yen per US dollar at telegraphic transfer selling rate on Monday, which was lowest level after 119.99 yen on March 13. The lower yen rate also supports the higher domestic copper price.
Japan Steel Scrap Composite Prices (Sangyo Press)09/28/2023
|50400YEN (-)||52000YEN (-)|
|334.55US$ (-1.27)||345.17US$ (-1.31)|
* Average of electric furnaces steel maker's purchasing price in Tokyo, Osaka and Nagoya (per ton)