Japan Official Copper and Lead Prices Revised Up

Nippon Mining & Metals announced on Tuesday the firm raised the official copper ingot price by 20,000 yen to 940,000 yen per tonne for domestic shipment in July. The firm has revised the price 6 times this month. The monthly average would be 955,900 yen without any more revision within July.Copper at London Metal Exchange was US$ 8,125 per tonne at the 3-month future purchasing price in afternoon trading on 21 July. The price rebounded by US$ 50 from the previous revision of Japanese official copper price to reflect the upsurge of crude oil price. Telegraphic transfer selling rate was 107 yen per US dollar on 22 July. Yen sharply weakened against US dollar from 105 yen on 16 July.Mitsubishi Materials announced on Tuesday the firm revised up the official lead ingot price by 8,000 yen to 263,000 yen per tonne for domestic shipment in July. The price reflected upsurge of LME lead and continued increasing to the level as high as the end of May. The monthly average would be 242,500 yen without any more revision within July.LME lead settlement was US$ 2,035.5 per tonne on 21 July, up by US$ 89.5 from the previous trading day since LME lead inventory decreased by 700 tonne. LME lead settlement exceeded US$ 2,000 for the first time since 11 July.