Nippon Mining & Metals Reduces Official Copper Price by 20,000 yen/t

Nippon Mining & Metals announced on Wednesday the firm reduces the official copper ingot price by 20,000 yen to 920,000 yen per tonne for April shipment, which is the first down since March 18. The firm reduces the price under lower offshore market and higher yen rate. The averaged monthly price decreases by 9,500 yen to 924,700 yen. Offshore copper market hit record US$ 8,892 per tonne at London Metal Exchange on April 9 with expectation for better US financial market after subprime loan shock. However, the copper price decreased to US$ 8,645 on Tuesday with uncertainty for financial market along with higher LME copper inventory. Higher yen rate also reduced the Japanese price when foreign exchange rate was 102.86 yen per US dollar, which was 0.67 yen higher than the level on April 4 when Nippon Mining & Metals revised the price before. Japanese copper smelters’ breakeven point is just more than 927,000 yen per tonne including 43,000 yen of premium and charges based on NY kerb, which represents US$ 8,600 per tonne.