Japan Official Copper Price Sharply Rebounds to 920,000 yen/t

Nippon Mining & Metals announced on Friday the firm raised the official copper ingot price by 50,000 yen to 920,000 yen per tonne for domestic shipment in September. The official price has been revised 4 times within September and the latest price rebounded to the level around 930,000 yen on 3 September. The monthly average would be 908,300 yen without any more revision within this month.Copper spot price at London Metal Exchange was US$ 7,587 per tonne in afternoon trading on Thursday and US 339.50 cents per pound at New York Mercantile Exchange on the same day, both of which recovered to the level of 2 weeks ago. The telegraphic transfer selling rate was 116.08 yen per US dollar on Friday, which became cheaper by more than 2 yen from 113.79 yen on 10 September.Japanese smelters’ break even point with imported copper ore is estimated to become above 922,000 yen per tonne including 43,000 yen of premium and other charges with New York Kerb at US$ 7,576 per tonne on Thursday.