Japan Official Copper and Zinc Price Drops Down

Nippon Mining & Metals announced on Thursday the firm revised down the official copper ingot price by 60,000 yen to 490,000 yen per tonne for domestic shipment in October. The latest price hit the second cheapest after 480,000 yen on 20 September, 2005. The monthly average would be 576,300 yen without any more revision within October.

The official ingot price was decreased reflecting sharp decline of overseas copper markets and US dollar exchange rate.

Copper settlement at London Metal Exchange was US$ 4,286 per tonne on 22 October, the lowest since November 2005, and the settlement at New York Commodity Exchange was US 185.10 cents per pound, the bottom since October 2005.

The telegraphic transfer selling rate was 98.67 yen per US dollar on Thursday. Yen became the strongest against US dollar since mid March of this year.

Mitsui Mining & Smelting also revised down the official zinc ingot price by 10,000 yen to 150,000 yen per tonne for domestic shipment in October on Thursday. The firm has reduced the price 5 times in this month by total 70,000 yen or 32%. The monthly average would be 179,300 yen without any more revision within October.