Japan Official Copper and Zinc Prices Continue Down

Nippon Mining & Metals announced on Tuesday the firm decreased the official copper ingot price by 2.25% or 20,000 yen to 870,000 yen per tonne for domestic shipment in September. The firm has revised down the price twice during 7 business days by total 60,000 yen after the revision up to 930,000 yen on 3 September. The latest price is the lowest since 86,000 yen on 21 August, 2007. The monthly average would become 883,300 yen without any more revision within September.Copper spot prices declined to the level of late August at overseas markets. Copper settlement at London Metal Exchange was US$ 7,248 per tonne on Monday. Copper spot price at New York Mercantile Exchange was US 325.95 per pound on Friday.Mitsui Mining & Smelting announced on Tuesday the firm revised down the official zinc ingot price by 22,000 yen to 347,000 yen per tonne for domestic shipment in September. The price hit the yearly lowest at the previous revision on 6 September and the latest revision on 11 September in a row. The monthly average would become 363,000 yen without any more revision within this month.LME zinc settlement was US$ 2,700 per tonne on Monday, which dropped by US$ 131 from Friday and hit the yearly lowest.