Offshore Market Price Drags Japan Official Cu, Zn Price

Nippon Mining & Metals announced on Thursday the firm revised down the official copper ingot price by 2% or 10,000 yen to 530,000 yen per tonne for shipment in June, which was the fourth revision and the first price decline in June. However, the new price stays in the range of yearly high. The monthly averaged price would be 528,100 yen without any more revision within June, which decreased by 4,100 yen per tonne from the previous revision on June 10.

Copper price at London Metal Exchange plunged by US$ 144 to US$ 4,903 per tonne on Wednesday compared with the previous revision by Nippon Mining & Metals while telegraphic transfer selling rate was 96.12 yen per US dollar on Thursday, which is 1.46 yen higher from the level at the previous revision by Nippon Mining & Metals.

Japanese official zinc ingot price also dropped. Mitsui Mining & Smelting announced on Thursday the firm revised down zinc price by 10,000 yen to 190,000 yen per tonne for shipment in June reflecting the price decline at overseas market. Zinc settlement at LME decreased by US$ 87.50 to US$ 1,520 per tonne on Wednesday from the previous revision by Mitsui Mining & Smelting on June 10.

Zinc price at LME increased by 17% to US$ 1,672.50 per tonne on June 10 from the recent bottom of US$ 1,425 per tonne on May 28. However, the price would turn downward after the surge.