JX Nippon Mining & Metals announced on Monday the firm reduces the official copper ingot price by 70,000 yen to 600,000 yen per tonne for September shipment to reflect plunge in offshore market. The official price hit 15 months low. The price decreased by total 150,000 yen in the month, which is second widest ever after 320,000 yen drop in October 2008.The official copper ingot price decreases by 17,500 yen to 695,500 yen per tonne in average in September. The price reflects lower international price when copper settlement decreased by US$ 500.50 to US$ 7,290 per tonne at London Metal Exchange on Friday from Thursday. LME copper decreased by total US$ 1,125 during last week hitting 13 months low. The lower copper ingot price impacted on Japanese copper market price. The scrap market price decreased by 42-60 yen per kilogram around Tokyo and Osaka. The scrap dealers cannot find the trend in the major plunge. Their offers are mixed in as much as around 20 yen range. Japanese copper scrap price decreased by 60 yen per kg to 540-550 yen for No.1 copper wire scrap, 515-525 yen for new cutting scrap, 460-470 yen for standard grade scrap and 420-430 yen for lower grade scrap around Tokyo. Local scrap dealers try to find the market trend. A dealer said the company already shipped committed volume in September for the buyers and waits the procurement for commitment in October. The brass scrap price decreased by 42 yen per kg to 380-390 yen for new cutting scrap and 340-350 yen for turning scrap around Tokyo. The bronze scrap price decreased by 45 yen to 375-385 yen for standard grade casting scrap and to 575-585 yen for new cutting phosphor bronze scrap.
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