Japan Official Cu Price Revised Down to 610,000 Yen/t

Nippon Mining & Metals announced on Wednesday the firm revised down its electrolytic copper selling price, the market indicator, by 20,000 yen to 610,000 yen per tonne for domestic shipment in September. The latest price returned to the level as low as in late August to reflect price down in offshore copper markets and stronger yen exchange rate against US dollar. The monthly average would be 622,200 yen without any more revision within September.

Offshore copper prices plunged with caution feelings on high market. Copper settlement at London Metal Exchange was US$ 6,156 per tonne on September 16, down by US$ 260 from September 9 when Nippon Mining & Metals previously revised the ingot selling price.

At the same time, underlying trend of strong yen is accelerated. Telegraphic transfer selling rate was 91.89 yen per US dollar on Wednesday. Yen strengthened by 1.31 yen from the day of Nippon Mining & Metals’ previous revision and reached the level as high as February 2009.