Japan Official Copper Ingot Price Jumps by 70,000 yen/t

Nippon Mining & Metals announced on Wednesday the firm increases the official copper ingot price by 70,000 yen or 17% to 480,000 yen per tonne for October shipment to reflect rebound of offshore market and lower yen rate. The price decreased by 25% or 34.2% from 730,000 yen at the beginning of the month. The averaged monthly price decreased to 567,700 yen from 808,000 yen in September.

Copper settlement increased by US$ 443 to US$ 4,129 per tonne at London Metal Exchange on Tuesday from previous day. Copper cash price increased by 5.55 US cents to 184.15 US cents per pound at New York Mercantile Exchange. New York kerb, which is indicator for next day’s LME copper transaction, increased to level of US$ 4,250-4,300 per tonne. Telegraphic transfer selling rate of yen decreased by 4.52 yen to 98.90 yen on Wednesday from previous day.