Japan Official Zinc Price Hits Yearly Lowest at 330,000 yen/t

Mitsui Mining & Smelting announced on Friday the firm revised down the official zinc ingot price by 15,000 yen to 330,000 yen per tonne for domestic shipment in November. The latest price hit the yearly lowest next to 12 November to reflect the decline of overseas zinc market and the underlying trend of stronger yen against US dollar. The monthly average would be 342,600 yen without any more revision within November.Zinc spot price at London Metal Exchange downed by US$ 85.5 to US$ 2,596 per tonne at settlement on Thursday, which hit the yearly lowest when LME copper price declined following the drop down of gold market. LME zinc settlement decreased to below US$ 2,600 for the first time since March 2006.Telegraphic transfer selling rate was 111.61 yen per US dollar on Friday. TTS was 112.50 yen per US dollar on Thursday, weakening from 110.98 yen per US dollar on Tuesday, when global stock markets temporarily recovered. However, yen became stronger against US dollar again on Friday with the decline of stock markets.