Japan Official Copper Price Down, Zinc Up

Nippon Mining & Metals announced on Friday the firm revised down the official copper ingot price by 20,000 yen to 950,000 yen per tonne for domestic shipment in July. The firm has revised the official price 4 times within July. The latest price decreased by 50,000 yen from the latest peak at 1 million yen marked on 3 July. The monthly average would be 966,200 yen without any more revision within July. Copper prices at London Metal Exchange and New York Commodity Exchange sharply declined after hitting record highs at the beginning of this month.Mitsui Mining & Smelting announced on Friday the firm raised the official zinc ingot price by 20,000 yen to 250,000 yen per tonne for domestic shipment in July. The latest price hit 250,000 yen after a month to reflect the rebound of overseas zinc market. The monthly average would be 244,800 yen without any more revision within July. LME zinc surged by US$ 122.5 to US$ 1,921 per tonne at settlement on 10 July from the previous day and exceeded US$ 2,000 in the afternoon trading after one and a half months.