Japan Official Copper Price Revised Down to 930,000 Yen/t

Nippon Mining & Metals announced on Monday the firm revised down the official copper ingot price by 10,000 yen to 930,000 yen per tonne for domestic shipment in July. The latest price is cheaper by 70,000 yen from the recent peak at 1 million yen marked on 3 July. The monthly average was fixed at 954,000 yen for July, which was 930,400 yen in June.Copper prices hit records at London Metal Exchange and New York Mercantile Exchange in early July. LME copper settlement marked US$ 8,985 per tonne and NYMEX copper spot price hit US 407.75 cents per pound. However, both prices continued declining after the peak.LME copper settlement was US$ 8,160 and NYMEX copper spot price was US 367.70 cents at the end of last week, those of which hit the bottom since mid June. Japanese official price reflected the weakening markets.