Higher Copper Ingot Price, Lower Lead Price in Japan

Nippon Mining & Metals announced on Monday the firm increases the official copper ingot price by 10,000 yen per tonne for September shipment to reflect higher offshore market and lower yen rate. The official price rebounded by 75% or 90,000 yen after historical 120,000 yen drop on August 17 and recovered the highest level since August 14.Copper price increased to US$ 7,580 per tonne at settlement of London Metal Exchange on Friday and to 341.10 US cents per pound at New York Mercantile Exchange, both of which recovered the level in mid-August. Foreign exchange rate of yen decreased to more than 117 yen per US dollar. Mitsubishi Materials announced on Monday the firm reduces the official lead ingot price by 22,000 yen to 412,000 yen per tonne for September shipment when yen rate increased to 116.74 yen per US dollar at telegraphic transfer selling rate on Monday, which increased by 0.89 yen from August 27 and LME lead ingot price increased by US$ 95 to US4 3,285 per tonne on Friday. Mitsui Mining & Smelting announced on Monday the firm left the official zinc ingot price at 405,000 yen per tonne for September shipment though the LME price was US$ 3,070 per tonne, which was US$ 30 lower than price on August 24 when the firm revised the official price previously.