Japan Official Zinc Price Down to 385,000 yen/t

Mitsui Mining & Smelting announced on Friday the firm decreased the official zinc ingot price by 25,000 yen to 385,000 yen per tonne for domestic shipment in October. The latest price reflected the decline of overseas zinc market and the underlying trend of stronger yen against US dollar. The monthly average would be 395,000 yen without any more revision within October.Zinc settlement at London Metal Exchange downed by US$ 6 to US$ 2,959 per tonne on Thursday from Wednesday when LME zinc inventory increased and LME nonferrous metals declined under the influence of weak US stock market. LME zinc settlement became to below US$ 3,000 after 6 trading days.Japanese official zinc price was raised up to 410,000 yen on 16 October to reflect the upsurge of LME zinc price. However, the price became to below 400,000 yen again. Another background was that the telegraphic transfer selling rate became to 116.38 yen per US dollar on Friday higher by about 2 yen from 16 October when Mitsui Mining & Smelting previously revised the official price.