Japan Zinc Price Indicator Lowered to 235,000 Yen/t

Mitsui Mining & Smelting announced on Monday the firm lowered its electrolytic zinc ingot selling price, the domestic indicator, by 5,000 yen to 235,000 yen per tonne for domestic shipment in July. The latest revision reflected zinc spot price down at London Metal Exchange (LME) and stronger yen exchange rate against US dollar. The monthly average would be 235,000 yen without any more revision within July.

LME zinc settlement was US$ 2,370 per tonne on July 8. The settlement was higher than US$ 2,363 on July 5, along which Mitsui Mining & Smelting previously revised its ingot selling price. However, the selling price downed to US$ 2,334.5 in afternoon trading on the same day. Meanwhile, telegraphic transfer selling rate was 81.69 yen per US dollar on July 11. Yen represented the strongest against US dollar since June 24.

Nonferrous metal market prices have strengthened at LME since late June. LME zinc has surged by around 10% from the latest peak at US$ 2,149 on June 20. However, the fundamentals are not strong when LME zinc inventory upturned last week.