Copper price at New York Commodity Exchange surged by 10.40 US cents to 302.65 US cents per pound on Wednesday, which increased to more than US$ 3.00 for the first time since September 26, 2008 when the price was 307.95 US cents. Overseas price surge lifted Japanese official copper price only 2 days after the previous price increase.
BHP Billiton declared force majeure at Olympic Dam copper mine of Australia due to shaft trouble and the firm announced the mine couldn’t recover full capacity operation until March 2010. After the news, speculators’ purchase lifted the copper price. Nippon Mining & Metals announced on Thursday the firm revised up the official copper ingot price by 3% or 20,000 yen to 640,000 yen per tonne for domestic shipment in October. The new price is the yearly high as same as recorded in late August-early September. The monthly averaged price would be 610,900 yen without any more revision within October, which increased by 6,700 yen from the previous revision on Tuesday.Japan Steel Scrap Composite Prices (Sangyo Press)
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