Japan Zn Official Price Increases by 5,000 yen/t

Mitsui Mining & Smelting announced on Thursday the firm revised up the official zinc ingot price by 5,000 yen to 235,000 yen per tonne for July shipment when zinc price at London Metal Exchange increased. The monthly averaged official price increased to 234,300 yen without any more revision within July.

Zinc price at LME increased by US$ 93.5 to US$ 2,432.5 per tonne at settlement on Wednesday from July 14, based on which Mitsui Mining & Smelting revised the official price. Mitsui Mining & Smelting increased the official price on Thursday while telegraphic transfer selling rate was 79.80 yen per US dollar, which was 0.35 yen higher than July 15.

Nonferrous metals price is basically firm. Zinc inventory at warehouses registered to LME has been decreasing after the inventory reached almost 900,000 tonnes in the middle of last week. Speculators would increase the purchase when cancel warrant is increasing.