Japan Official Copper Price Down after 2 Months

Nippon Mining & Metals announced on Thursday the firm revised down the official copper ingot price by 20,000 yen to 1.03 million yen per tonne for domestic shipment in May, the monthly average of which became to 1.0331 million yen. Japanese official copper price was revised down for the first time since March 6, 2007 to reflect the decline of overseas copper markets. However, copper spot and future prices at London Metal Exchange still kept high level at above US$ 8,000 per tonne and Japanese official copper price maintained above 1 million yen.Offshore copper markets weakened this week with much selling after strike settlement at Peruvian mine and for taking profits. Copper spot price at New York Commodity Exchange sharply declined to US 367.55 cents per pound on Wednesday, down by US 7.50 cents from recent high price at US 375.05 cents on Friday. LME copper spot price dropped down to US$ 8,115 per tonne at purchasing price in afternoon trading on Wednesday, down by more than US$ 250 from recent high price at US$ 8,369 on Friday.Japanese smelters’ breakeven point with imported copper ore is estimated to be over 1.025 yen per tonne including 43,000 yen of premium and other charge based on New York kerb on Wednesday, which represented around US$ 8,050 per tonne.