Japan Zn, Pb Official Price Rise

Mitsui Mining & Smelting revised up official zinc ingot price by 10,000 yen to 180,000 yen per tonne for shipment in April, which represents the highest level since October 2008, announced on Tuesday. The monthly averaged price would be 178,000 yen without any more revision in April. Mitsubishi Materials announced on Tuesday that the firm revised up official lead ingot price by 7,000 yen to 182,000 yen per tonne for shipment in April.

Zinc settlement at London Metal Exchange increased by US$ 28 to 1,341 per tonne on Monday compared with a last week end and renewed the yearly high. LME settlement was $ 40.5 higher from a previous revision by Mitsui Mining & Smelting on March 31. The firm’s official price increased due to the firm offshore price and weak yen rate per dollar.

Zinc settlement at LME is increasing since beginning of March due to the copper price surge and shutdown by overseas smelters. Settlement on Monday was 24% higher from US$ 1,078.5 per tonne on March 2.

Lead settlement at LME on Monday was $ 1,312 per tonne, which increased by $ 40 from a previous revision by Mitsubishi Materials on March 31 and exceeded $ 1,300 for the first time in 10 days.