Japan Official Zn Ingot Price Recovers 200,000 Yen/t

Mitsui Mining & Smelting announced on Thursday the firm raised its electrolytic zinc ingot selling price, the domestic market indicator, by 5,000 yen to 200,000 yen per tonne for June shipment. The price recovered 200,000 yen for the first time since early October of 2008. The monthly average would be 195,900 yen without any more revision within June.

Zinc price at London Metal Exchange (LME) surged by US$ 43 to $ 1,607.5 per tonne at settlement (spot selling price in afternoon trade) on 10 June from a previous day. The settlement was $ 52 higher than $ 1,555.5 on 5 June, which Mitsui Mining & Smelting previously revised its ingot price.

Telegraphic transfer selling rate was 99.22 yen per US dollar on Thursday, which strengthened by 0.39 yen from the previous revision day. Mitsui’s ingot price reflected strong upsurge of offshore zinc market despite of stronger yen exchange rate.

LME zinc inventory is gradually increasing from 310,000 tonnes in late May. However, recent sentiment of nonferrous metals market is even stronger than each negative factor. LME zinc price jumped by 13% from recent bottom at $ 1,425 on 28 May.