Japan Official Copper Price Down while Lead Up

Nippon Mining & Metals announced on Tuesday the firm revised down the official copper ingot price by 30,000 yen to 1.01 million yen per tonne for domestic shipment in July. The price has decreased for the first time since June 11 to reflect the decline of overseas copper markets and stronger yen against US dollar. The latest price is the secondly lowest level in July next to 1 million yen on July 2. The monthly average would become to 1.0157 million yen unless the price will be revised within this month.Japanese smelters’ breakeven point with imported copper ore is estimated to be over 1.016 million yen per tonne including 43,000 yen of premium and other charge based on New York kerb on Monday, which represented US$ 7,910 per tonne at London Metal Exchange spot price.Mitsubishi Materials announced on Tuesday the firm raised the official lead ingot price by 28,000 yen to 423,000 yen per tonne for domestic shipment in July. The price hit the record thanks to the upsurge of overseas lead market. The monthly average became to 404,000 yen.Japanese official lead ingot price increased by 14% in July to reflect the upsurge of lead price at London Metal Exchange, which increased by 70% from 249,000 yen at the beginning of 2007.