Japan Copper Ingot Price Hits Record High

Nippon Mining & Metals announced on Monday the firm increases the official copper ingot price by 50,000 yen to record 1.05 million yen per tonne for May shipment. The price reached 1 million yen in May 2006 and April 2007. Mitsui Mining & Smelting announced on Monday the firm increases the official zinc ingot price by 44,000 yen to 536,000 yen per tonne for May shipment. The metal prices increases under offshore market. The official copper price increased after offshore market reached US$ 8,300 per tonne and foreign exchange rate of yen dropped to 2-month low. The Japanese copper price increased by 52% from recent bottom of 690,000 yen on February 6. The official zinc price is the highest level in 4 months. Copper ingot price hit the year high at US$ 8,225 per tonne at settlement of London Metal Exchange on Friday, which increased by US$ 203 from previous day. The price reached US$ 8,379 in the afternoon session. Copper ingot cash price also increased by 3.85 US cents to 375.05 US cents per pound at New York Mercantile Exchange on Friday from previous day. Japanese industry source sees speculators’ aggressive purchase lifted the market under lower LME copper inventory and strike in Peru. LME zinc ingot price reached US$ 4,000 per tonne for the first time in 4 months. The settlement increased by US$ 219.5 to US$ 4,095.5 per tonne on Friday from previous day. Lower inventory and higher copper price lifted the zinc price. Japanese official zinc price increased by around 30% from the recent bottom of 417,000 yen per tonne on March 6.