Japan Official Copper Price Revised Down to 870,000 Yen/t

Nippon Mining & Metals announced on Tuesday the firm revised down the official copper ingot price by 20,000 yen to 870,000 yen per tonne for domestic shipment in August. The latest price hit the lowest since 27 March, 2008, which declined by 7.4% from 940,000 yen at the beginning of August and by 13% from the yearly record 1 million yen marked on 3 July. The monthly average would be 883,800 yen without any more revision within August.On 11 July, copper settlement at London Metal Exchange was US$ 7,460.5 per tonne and copper spot price at New York Commodity Exchange was US 335.90 cents per pound. Both prices hit the lowest since 6 February, 2008.US dollar sharply became stronger against other currencies in August to reflect economic anxiety in EU and Japan. Oil future market plunged down when US dollar sharply rebounded. On the other hand, LME copper inventory increased when US housing and auto industries became loose. With these negative factors, speculative selling rushed in copper markets.The telegraphic transfer selling rate was 111.18 yen per US dollar on Tuesday. Japanese official ingot price was revised down even though Japanese yen became to the yearly weakest level against US dollar.