Japan Official Copper Price Rises by 30,000 yen/t

Nippon Mining & Metals announced on Thursday the firm increases the official copper ingot price by 30,000 yen to 850,000 yen per tonne for January shipment, which is the highest level after 860,000 yen on November 9. The averaged monthly price increases to 843,000 yen. The firm increases the price when London Metal Exchange copper settlement price hit US$ 7,351 per tonne on Wednesday, which was the highest level after US$ 7,451 on November 7 and 10.3% higher than US$ 6,666 on January 2, 2008. Mitsubishi Materials announced the firm reduces the official lead ingot price by 7,000 yen to 328,000 yen per tonne for January shipment. The averaged monthly price decreases to 329,500 yen. LME lead settlement increased to US$ 2,630 per tonne on Wednesday, which was US$ 49.50 higher than previous day. However, the price level was still lower than recent high of US$ 2,665 on January 4.