Japan Official Copper Price Revised Down to 850,000 Yen/t

Nippon Mining & Metals announced on Thursday the firm revised down the official copper ingot price by 20,000 yen to 850,000 yen per tonne for domestic shipment in August. The latest price hit the bottom since mid March of this year to reflect plunge down of overseas markets. The monthly average would be 853,000 yen without any more revision within August.Overseas copper markets maintained weak. Settlement at London Metal Exchange dropped down to US$ 7,225 per tonne on 2 September, the cheapest since US$ 7,181 on 6 February, 2008. The price continued declining on the next day despite of slight rebound.Global economy is concerned to slow down even in emerging countries as well as USA, Japan and Europe. Demand for copper metal might decline in China. LME copper inventory is currently reaching 180,525 tonnes, as high as late February of this year. Stronger US dollar and weaker oil future price also impacted copper market.