Japan Official Copper Ingot Price Reduced to 640,000y/t

Nippon Mining & Metals announced on Monday it revised the official copper ingot price down by 10,000 yen to 640,000 yen per tonne for domestic shipment in February. The monthly average price is 642,000 yen per tonne.The copper settlement price at London Metal Exchange (LME) decreased by US$ 81 to US$ 5,011 per tonne on Friday from the previous day under strong pressure of profit-taking by speculators. The LME spot purchase price continued to decline to below US$ 5,000 in the afternoon session on the same day, decreasing by US$ 234 to US$ 4,857, the lowest price after January 25, 2006. Some traders indicate Japanese official copper price could be reduced more by 10,000-20,000 yen per tonne, when foreign exchange rate of yen turned stronger against US dollar on Monday.