Japan Official Copper Ingot Price Rises by 20,000 yen/t

Nippon Mining & Metals announced on Wednesday the firm increases the official copper ingot price by 20,000 yen to 860,000 yen per tonne for August shipment. The price revision is 6th in the month under volatile offshore market just after 120,000 yen drop to 840,000 yen on Friday to reflect plunge of offshore market and surge of yen rate, which reached 14 months high. Without further revision, the average monthly price increases to 917,300 yen. The firm increases the copper price when offshore market rebounded and yen rate again decreased from late last week to early the week. Copper price increased by US$ 236 to US$ 7,196 per tonne at settlement of London Metal Exchange on Monday from Friday. Foreign exchange rate of yen decreased to more than 115 yen per US dollar from recent temporally peak of 111.