Japan Cu Official Price Hits 30-Month High

JX Nippon Mining & Metals announced on Tuesday the firm increases official copper ingot selling price by 30,000 yen to 900,000 yen per tonne for February shipment. The price marked the highest level since late August 2008 when copper price hit historical high at London Metal Exchange on Monday. Monthly averaged official price increased to 882,600 yen.

LME copper settlement increased by US$ 227.50 to US$ 10,148 per tonne on Monday from Friday. The price was US$ 162 higher than the level on February 4, based on which JX Nippon Mining & Metals revised the official price previously. Weakening yen rate also contributed to the higher domestic copper price. Telegraphic transfer selling rate was 84.32 yen per US dollar on Tuesday, which was 1.04 yen lower than the level at the previous revision.

Copper scrap dealers around Tokyo eye scrap selling price hike along with the official copper ingot price increase. However, most of the dealers finished scrap procurement for February shipment. Some dealers watch market price when the scrap supply gets loose for low grade scrap and brass scrap.