Japan Official Copper Price Unchanged, Zinc Raised

Nippon Mining & Metals announced on Wednesday the firm set the official copper ingot price at 950,000 yen per tonne for domestic shipment in May, unchanged from the end of April. The latest price reflect the underlying trend of weaker yen against US dollar though overseas copper price slightly decreased from 23 April when Nippon Mining & Metals previously revised the official ingot price. The monthly average is now higher than 934,200 yen per tonne in April.Copper spot price at London Metal Exchange hit US$ 8,390 per tonne at settlement on 2 May, the lowest since early April. However, on 6 May, the settlement sharply rebounded to US$ 8,622 thanks to a strike at Chilean mine and stronger US dollar. Telegraphic transfer selling rate was 105.87 yen per US dollar on Wednesday, weaker by 1.50 yen compared with the previous revision of Japanese official copper price.Mitsui Mining & Smelting announced on Wednesday the firm set the official zinc ingot price at 275,000 yen per tonne for domestic shipment in May, raised up by 5,000 yen from the end of April. LME zinc settlement surged by US$ 69 to US$ 2,215 per tonne on 6 May from the previous day, though which was lower than US$ 2,219.5 on 21 April when Mitsui Mining & Smelting previously revised the official zinc price. The latest official price was pushed up by weaker yen.