Japan Official Cu Ingot Price Revised Down to 500,000 Yen/t

Nippon Mining & Metals announced on Wednesday the firm raised its copper ingot selling price, the market indicator, by 20,000 yen to 500,000 yen per tonne for domestic shipment in April. The firm has revised the selling price 5 times within April. This is the first down revision since 12 March. The monthly average would become 499,600 yen without any more revision within April.

The firm reflected dropdown of offshore copper market and higher yen exchange rate. Copper settlement price at London Metal Exchange plunged by US$ 233.5 to US$ 4,402.5 per tonne on 21 April from the previous day, the lowest level since 9 April. Profit-taking selling emerged with concerns on peak out of Chinese copper demand and US financial sectors’ conditions.

In exchange market, telegraphic transfer selling rate became 99-100 yen per US dollar on Wednesday with news of Japanese trade surplus in March.