Japan Official Lead, Zinc Prices Rise

Japanese official price of lead and zinc increased on Wednesday. Mitsubishi Materials announced on Wednesday the firm increased the official lead ingot price by 7,000 yen to 257,000 yen per tonne for November shipment. Mitsui Mining & Smelting increased the official zinc ingot price by 5,000 yen to 245,000 yen for the month. They reflect higher offshore market price.

Mitsubishi Materials’ lead price is estimated to be averaged 254,300 yen per tonne for November after the firm reflected higher offshore market price. Lead cash transaction price at London Metal Exchange increased on Tuesday. The price increased by US$ 40.50 to US$ 2,331 per tonne at settlement from previous day when market expected the demand recovery along with higher US automobile parts sales in October. The price is US$ 93 higher than US$ 2,278 on November 9 when the firm revised the price previously.

Mitsui Mining & Smelting’s zinc price is estimated to be averaged 242,100 yen per tonne for November after the firm revised the price to reflect higher offshore market. LME zinc settlement increased by US$ 35 to US$ 2,235 per tonne on Tuesday from Monday. The price was US$ 40 higher than US$ 2,195 on October 30 when the firm revised the price previously.

Telegraphic transfer selling rate was 90.25 yen per US dollar on Wednesday, which was 0.81 yen higher than October 30. Higher yen rate impacts negatively on the metal prices but higher offshore price lifted the metal prices.