Japan Official Copper Price Raised to 690,000 yen/t

Nippon Mining & Metals set the official copper ingot price at 690,000 yen per tonne for domestic shipment in April, raised by 10,000 yen per tonne from the end of March. The price is at the highest level since 1980 when the price posted 720,000 yen per tonne.Japanese official price followed the continuous rise of overseas copper markets. The copper settlement price at London Metal Exchange hit the record at US$ 5527.5 per tonne at the end of March and the copper spot price at New York Mercantile Exchange also marked the record at 250.35 cents per pound. The overseas copper markets are strong thanks to the rush of speculative purchasing, when the conflict occurred between Indonesian security force and the employees at Grasberg mine in Indonesia those who demanded the shutdown of the mine managed by Freeport Indonesia and when the strike lengthens at La Caridad mine in Mexico.