Nonferrous Metal Ingot Prices Sharply Down in Japan

Mitsubishi Materials announced on Monday the firm decreased the official lead ingot price by 37,000 yen to 375,000 yen per tonne for domestic shipment in September. The price-down range was the secondly widest in 2007 following 56,000 yen on 1 August. The monthly average downed to 385,300 yen to reflect the decline of overseas lead market and the underlying trend of stronger yen against US dollar.Lead settlement at London Metal Exchange (LME) increased by US$ 70.5 to US$ 3,010.5 per tonne on Friday from previous day while downed to less than US$ 3,000 in afternoon trading on the same day. LME lead price declined by more than US$ 340 from 31 August when Mitsubishi Materials previously revised the official lead price. The telegraphic transfer selling rate was 113.79 yen per US dollar on Monday, up by 2.66 yen from Friday, with concerns Federal Open Market Committee would lower US interest rate. Japanese domestic price of primary aluminium ingot is deceasing to around 300 yen per kilogram and seems to become below 300 yen with stronger yen against US dollar. Nippon Mining & Metals might revise down the official copper ingot price by 20,000-30,000 yen per tonne on Tuesday from present 890,000yen. The copper price revision would become third time within 7 business days in September if the firm revises the price on Tuesday.