Nippon Mining & Metals announced on Friday the firm revised down its copper ingot selling price, the market indicator, by 20,000 yen to 480,000 yen per tonne for domestic shipment in May. The latest price is as low as in early April. The monthly average would be 497,600 yen without any more revision within May.
Copper spot purchasing price at London Metal Exchange (LME) was US$ 4,427 per tonne in afternoon trade on 21 May, which plunged by US$ 193 from a previous day. The price was impacted by continuous decline in New York stock market, when US Federal Reserve Board (FRB) lowered its forecast of US real economic growth rate to minus 2% from minus 1.3%, though LME copper inventory kept gradually decreasing. With FRB’s announcement, the exchange rate of US dollar weakened against other currencies. Telegraphic transfer selling rate was 95.15 yen per US dollar on Friday, the highest level since 94.17 yen on 23 February.| M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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