Japan Official Zinc Price Raised to 302,000y/t

Mitsui Mining & Smelting announced on Thursday it raised the official zinc ingot price by 23,000 yen to 302,000 yen per tonne for domestic shipment in February. The official price rebounded to above 300,000 yen for the first time after February 10 with the increasing zinc price at the overseas market. The monthly averaged price became 307,300 yen per tonne.The zinc settlement price at London Metal Exchange (LME) soared by US$ 56 to US$ 2,186 per tonne on Wednesday from the previous day. LME zinc price decreased by 15% during February 7-16 under the weak tone over the whole commodity markets, after it marked US$ 2,391 of the latest high price on February 7. LME zinc price surged again following LME copper price which recovered to above US$ 5,000 per tonne with the sharp recovery of gold and crude oil prices.