Japan Cu, Zn Official Price Drops

JX Nippon Mining & Metals announced on Friday the firm reduced the official copper ingot price by 10,000 yen to 810,000 yen per tonne for July shipment. The firm cut the price due to higher yen rate while offshore copper market price was stable. The monthly averaged official price decreased to 811,000 yen without any more revision in July.

Copper ingot price at London Metal Exchange was US$ 9,655 per tonne at settlement on Thursday. The price was US$ 223 higher than the price on July 6, based on which JX Nippon Mining & Metals revised the official price. However, telegraphic transfer selling rate was 80.15 yen per US dollar on Friday, which increased by 1.86 yen during period. The official copper price was expected to decrease.

Mitsui Mining & Smelting announced on Friday the firm reduced the official zinc price by 5,000 yen to 230,000 yen per tonne for July shipment. The price decreased due to lower zinc price at LME and yen appreciation. The monthly averaged official price decreased to 232,500 yen without any more revision in July.

LME zinc settlement price decreased by US$ 31 to US$ 2,339 per tonne on Thursday from July 8, based on which Mitsui Mining & Smelting revised the official price. Telegraphic transfer selling rate on Friday increased by 1.54 yen per US dollar during period