Copper ingot price renews record again and again to Friday at Shanghai Future Exchange under surging international market when the price hit record at London Metal Exchange (LME) and New York Mercantile Exchange (NYMEX). Japanese interests concern the overvalued price citing the market neglects negative factors when the global upturn in copper price accelerates.The price in Shanghai reflects supply trouble at major copper producers and decreasing inventory worldwide, which are same factors in LME and NYMEX. But the price is higher than in LME and NYMEX. The price is 53,000-54,000 yuan per tonne for 3-month future at Shanghai Future Exchange on Friday. The price represents more than US$ 6,500 per tonne or more than 790,000 yen per tonne. The level is higher than other markets.The copper price increases under idled copper production at Monywa by Canadian producer and decreasing inventory at LME, New York Commodity Exchange and Shanghai. The positive factors are common to increase copper price in other markets. The market has also negative factors when Grupo Mexico is settling the labor dispute with strike at La Caridad copper mine. Many analysts for major financial institutes started to warn the overvalued price though they estimate that the inventory wouldn’t increase in years due to risk for supply troubles.
Japan Steel Scrap Composite Prices (Sangyo Press)
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