Japan Official Copper Price Rebounds to 800,000 Yen/t

Nippon Mining & Metals announced on 22 September the firm raised the official copper ingot price by 30,000 yen to 800,000 yen per tonne for domestic shipment in September. The firm revised up the price for the first time since 26 August to reflect rebound of overseas copper markets and weaker yen against US dollar. The monthly average would be 812,000 yen without any more revision within September.Copper spot and 3-month future prices at London Metal Exchange recovered US$ 7,000 per tonne on 19 September, those which had declined to below US$ 7,000 for the latest week. Nippon Mining & Metals previously revised the official copper price when LME copper was US$ 6,920 at spot purchasing price in afternoon trading. LME price rebounded by more than US$ 100.The telegraphic transfer selling rate was 107.98 yen per US dollar on 22 September. Yen sharply weakened against US dollar from 105.39 yen when Nippon Mining & Metals previously revised the official copper price.