Japan Official Copper and Lead Prices Down Due to Stronger Yen

Nippon Mining & Metals announced on Monday the firm set the official copper ingot price at 930,000 yen per tonne for domestic shipment in March. The price was revised down by 10,000 yen from the end of February. The firm revised down the price for the first time since 22 January.Copper prices kept the highest level since May 2006 at both London Metal Exchange and New York Mercantile Exchange at the end of February. Speculative purchasing expanded at both markets with productive troubles in China and Chile. On the other hand, telegraphic transfer selling (TTS) rate was 104.07 yen per US dollar on Monday, which became the strongest since 103.71 yen on 25 January, 2005. Domestic copper ingot price was revised down due to the underlying trend of stronger yen. Mitsubishi Materials announced on Monday the firm set the official lead ingot price at 389,000 yen per tonne for domestic shipment in March, down by 9,000 yen from the end of February. LME lead settlement was US$ 3,394 per tonne on Friday, up by US$ 55 from the previous day and by US$ 110 from 22 February along which Mitsubishi Materials previously revised the official price. However, TTS rate soared by 4.36 yen per US dollar after the previous revision. Mitsui Mining & Smelting announced on Monday the firm set the official zinc ingot price at 320,000 yen per tonne for domestic shipment in March, up by 10,000 yen from the end of February. LME zinc settlement was US$ 2,721 per tonne on Friday, which exceeded US$ 2,700 for the first time since 9 November, 2007. However, the revision range was narrow due to stronger yen against US dollar.