JX Nippon Mining & Metals announced on Wednesday the firm revised down its electrolytic copper ingot selling price, the domestic market indicator, by 40,000 yen to 830,000 yen per tonne. The price hit the lowest in a month due to offshore copper market drop.
Electrolytic copper settlement at London Metal Exchange (LME) was US$ 9,655 per tonne on Tuesday. Settlement downed by US$ 145 from the price on February 17 along which JX Nippon Mining & Metals previously revised its ingot price. In February, LME copper price reached US$ 10,000 per tonne for the first time. The price hit record US$ 10,148 on February 14 while entered adjustment mood since Chinese traders didn’t move to purchase LME copper despite of market’s expectation. JX Nippon Mining & Metals raised its ingot selling price to 900,000 yen per tonne on February 15, the yearly highest, while revised down the price twice by total 8% after mid February.Japan Steel Scrap Composite Prices (Sangyo Press)
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