Lower Cu, Zn Price, Higher Lead in Japan

Nippon Mining & Metals announced the firm reduces the official copper ingot price by 50,000 yen to 730,000 yen per tonne for October shipment. The price decreases by 27% in 3 months hitting the lowest level since March 2007. Mitsubishi Materials increases the official lead ingot price by 7,000 yen to 235,000 yen per tonne for October shipment while Mitsui Mining & Smelting decreases the official zinc price by 10,000 yen to 220,000 yen per tonne. Nippon Mining & Metals reflect the lower international price when copper settlement price decreased by US$ 171 to US$ 6,419 per tonne at settlement of London Metal Exchange on Tuesday from Monday, which was the lowest level in 9 and half months. Investors try to be away from metal market under financial crisis. Mitsubishi Materials reflects lower yen rate for the ingot price when telegraphic transfer selling rate was 107 yen per US dollar, which was 2 yen lower than previous price revision, while LME lead settlement decreased by US$ 34.5 to US$ 1,801 per tonne on Tuesday from Monday. Mitsui Mining & Smelting reflects lower LME price. The LME price decreased by US$ 32.5 to US$ 1,650 per tonne on Tuesday from Monday, which was US$ 114 lower than previous price revision.