Higher LME Price Pushes Japan Cu Price Despite of Higher Yen Rate

JX Nippon Mining & Metals announced on Wednesday the firm increases the official copper ingot price by 20,000 yen to 660,000 yen per tonne for September shipment. The firm tries to reflect higher offshore market while the price level is still 2,700 yen lower than averaged price in August.

Settlement of London Metal Exchange was US$ 7,355.50 per tonne on Tuesday, which was US$ 184.50 higher than the price on August 24 or base price for the official copper price revised by JX Nippon Mining & Metals previously. The price increases under tight supply when LME copper stock decreased to less than 400,000 tonnes on Tuesday for the first time in 10 months. The supply gets tighter due to strong demand in China with limited additional supply capacity.

Mitsui Mining & Smelting increased the official zinc ingot price by 5,000 yen to 215,000 yen per tonne for September shipment to reflect higher LME price despite of higher yen rate. LME zinc settlement was US$ 2,047 per tonne on Tuesday, which was higher than US$ 1,942 on August 25 when the firm revised the official price previously.

Mitsubishi Materials left the official lead price unchanged at 220,000 yen per tonne for September shipment. LME lead settlement was US$ 2,010.50 per tonne on Tuesday, which was US$ 11 lower than the price on August 23 when the firm revised the official price previously, while telegraphic transfer selling rate was 85.27 yen per US dollar, which was 0.83 yen higher than August 24.