Japan Smelters Cut Cu and Pb Ingot Price

Nippon Mining & Metals revised down the official copper ingot price by 20,000 yen or 6% to 330,000 yen per tonne for domestic shipment in January, announced on Friday. The firm cut the official price for the first time in 2009 reflecting the copper price plunge at overseas market and surge of yen rate. The revised price marked the lowest since mid-December and monthly averaged price declined by 6,300 yen to 338,900 yen from previous revision on 19 January without any more revision within January.

Copper price at London Metal Exchange declined to US$ 3,110 per tonne for the purchase at afternoon session and copper price at New York Commodity Exchange declined to 138.10 US cents per pound on Thursday. The copper price at two offshore markets marked the lowest in 2009 when the copper inventory increased to 422,450 tonnes at warehouse registered to LME on Thursday, which is the highest level since December 2003.

The telegraphic transfer selling rate became 90.16 yen per US dollar on Friday, which rose by around 2 yen from January 19.

Mitsubishi Materials revised down the official lead price by 6,000 yen to 145,000 yen per tonne for domestic shipment in January, announced on Friday. The monthly averaged price is 149,100 yen per tonne without any more revision within January.

The firm reduced the lead price for the first time since January 5. The lead settlement at LME declined by US$ 15 to US$ 1040.5 per tonne on 22 from a previous day and TTS rate rose by about 3 yen per US dollar to the range of 91-90 yen.