Japan Cu Official Price Irregularly Revised Up by 20,000 Yen/t

Nippon Mining & Metals announced on Friday that the firm increased the official copper ingot price by 4% or 20,000 yen to 530,000 yen per tonne for domestic shipment in June. The firm irregularly revised its selling price only 2 days later from the previous revision. The monthly average was fixed at 526,300 yen per tonne, which increased by 2,700 yen from the previous revision on Wednesday or up by 28,700 yen from the average in May.

Nippon Mining & Metals reflected the copper price upsurge at overseas market on Japanese official price. Copper price at London Metal Exchange (LME) was US$ 5,101 per tonne at spot purchase in afternoon session on Thursday, which surged by US$ 329 from the previous price revision by Nippon Mining & Metals. LME price increased due to the announcement of economic figure in United States, such as the recovery of durable goods orders and upward revision of definite gross domestic product for January-March.