Japanese Official Copper, Lead and Zinc Prices Revised Down

Nippon Mining & Metals announced on Monday the firm revised down its selling price of electrolytic copper ingot, the domestic market indicator, by 40,000 yen to 680,000 yen per tonne for domestic shipment in March. The price downed to the level as low as 2 weeks ago to reflect the lower copper price at offshore markets and the higher yen exchange rate against US dollar.

Copper settlement at London Metal Exchange (LME) was US$ 7,072 per tonne on February 26, up by US$ 26 from the previous day while down by US$ 121 from the settlement on February 19 along which Nippon Mining & Metals previously revised its ingot price. The telegraphic transfer selling rate was 90 yen per US dollar on Monday, stronger by 2.78 yen from the day of the previous price revision.

Nippon Mining & Metals may revise the ingot price as soon as today. LME copper price approached US$ 7,200 in the afternoon of February 26. On March 1, copper price at New York Commodity Exchange exceeded 340 US cents per pound (equal to US$ 7,500-7,600 per tonne) at pre-market trading after the huge earthquake in Chile.

Mitsubishi Materials set its selling price of electrolytic lead ingot at 240,000 yen per tonne for domestic shipment in March, down by 25,000 yen from the end of February. LME lead settlement, the indicator, continued decreasing by US$ 11.5 to US$ 2,138.5 per tonne on February 26 from the previous day.

Mitsui Mining & Smelting revised down its selling price of electrolytic zinc ingot by 15,000 yen to 240,000 yen per tonne for domestic shipment in March. LME zinc settlement on February 26 was US$ 2,157.5 per tonne, up by US$ 9 from the previous day while down by US$ 133.5 compared with the price on February 17 along which Mitsui Mining & Smelting previously revised the ingot price.