Japan Copper Ingot Inches Up, Lead & Zinc Jumps

Nippon Mining & Metals increased the official copper ingot price by 10,000 yen to 820,000 yen per tonne for February shipment on Friday. Mitsubishi Materials increased the official lead price by 32,000 yen to 342,000 yen per tonne, which is 8 weeks high. Mitsui Mining & Smelting increased the official zinc ingot price by 25,000 yen to 305,000 yen per tonne, which is the first over 300,000 yen in 3 weeks. Offshore nonferrous metals price rebounded since late January. Copper futures price increased to US$ 7,220 per tonne at London Metal Exchange on Thursday compared with US$ 6,860 on January 21. LME lead settlement price also increased to US$ 2,741.50 and LME zinc settlement hit US$ 2,392 on the day. Japanese copper smelters’ breakeven point is estimated to be 828,000 yen per tonne including 43,000 yen of charges based on New York kerb, which represents US$ 7,302 per tonne.