Japan Official Lead and Zinc Prices Revised Down

Mitsubishi Materials announced on Wednesday the firm revised down the official lead ingot price by 12,000 yen to 404,000 yen per tonne for domestic shipment in August. The official price hit the lowest in 5 weeks to reflect the decline of overseas lead market and the underlying trend of stronger yen against US dollar. The monthly average downed by 7,400 yen to 407,800 yen from the previous revision.Domestic official lead ingot price hit record 468,000 yen per tonne on 23 July, 2007, which surged by 88% from 249,000 yen at the beginning of 2007. Lead spot price at London Metal Exchange hit record US$ 3,480 per tonne on 23 July.Mitsui Mining & Smelting announced on Wednesday the firm revised down the official zinc ingot price by 16,000 yen to 434,000 yen per tonne for domestic shipment in August. The official price hit the lowest since 2 April, 2007. The monthly average downed by 9,100 yen to 443,400 yen from the previous revision.LME zinc settlement decreased by US$ 49 to US$ 3,341 per tonne on Tuesday from Monday. LME zinc settlement was US$ 3,515 on 3 August along which Japanese official zinc price was previously revised.