Higher International Copper Price Lifts Japan Market

Copper market surges at home and abroad. Copper ingot price renewed record high at New York Mercantile Exchange on Wednesday for the first time in 2 years while New York kerb hit first US$ 9,000 per tonne. Japanese official copper ingot price reached 1 million yen per tonne for the first time since October 2007. NYMEX copper cash price increased by 15.5 US cents to 407.75 per pound on Wednesday from previous day, which renewed former record 407.55 US cents in May 2006. NY kerb hit US$ 9,092 per tonne. Nippon Mining & Metals increased the official copper ingot price by 20,000 yen to 1 million yen per tonne on Thursday. The averaged monthly price increased by 18,100 yen to 998,100 yen. Japanese copper scrap market increased by 12-15 yen per kilogram. Higher copper market is due to speculative purchase under potential nationwide strike at mines in Peru. Japanese interests have mixed view on the market. Some are cautious for potential plunge after surge while others expect higher price level.