Cheap Yen Pushes Up Japan Official Cu and Zn Ingot Prices

Nippon Mining & Metals announced on Monday the firm set its copper ingot selling price, the domestic market indicator, at 380,000 yen per tonne for March shipment. The firm raised the price by 30,000 yen from the end of February. The latest price returned to the level as high as 400,000 yen in early December of 2008. Copper price at London Metal Exchange (LME) was US$ 3,373 per tonne at spot purchasing price in afternoon trading on 27 February, higher by more than US$ 220 from 23 February along which Nippon Mining & Metals previously revised its selling price. Meanwhile, telegraphic transfer selling rate was 98.14 yen per US dollar on Monday, which weakened by more than 4 yen from a previous revision day.

Mitsui Mining & Smelting announced on Monday the firm set its zinc ingot selling price at 150,000 yen per tonne for domestic shipment in March, higher by 10,000 yen from the end of February. LME zinc settlement was US$ 1,075.5 per tonne on 27 February, lower by US$ 50 from previous day while higher by US$ 16 from 20 February along which Mitsui Mining & Smelting previously revised its selling price. Cheaper yen exchange rate pushed up the firm’s breakeven point for smelting imported zinc ore.

Mitsubishi Materials announced on Monday the firm set its lead ingot selling price at 148,000 yen per tonne for domestic shipment in March, unchanged from the end of February. LME lead settlement decreased by US$ 25 to US$ 1,025 per tonne on 27 February from previous day. Cheaper yen exchange rate covered LME price downturn.