Japan Official Copper Price Rebounds to 960,000 yen/t

Nippon Mining & Metals announced on Tuesday the firm raised the official copper ingot price by 20,000 yen to 960,000 yen per tonne for domestic shipment in August. The firm revised the price even during Japanese summer holidays of this week to reflect the rebound of overseas copper markets. The monthly average would become to 967,800 yen per tonne without any more price revision within this month.Copper spot price at London Metal Exchange was US$ 7,707 per tonne in afternoon trading on Monday, which regained US$ 7,700 after 3 trading days. Copper spot price also surged up at New York Mercantile Exchange by US 8.80 cents to US 348.25 cents per pound on Monday from Friday.Worldwide central banks including Federal Reserve Bank supplied more than 40 trillion yen as total at the end of last week to relieve the impact of US subprime loan problem and increase financial liquidity. Global stock downturn seems to be settled down. LME and NYMEX copper markets rebounded thanks to the stock market recovery and short covering.