Japan Copper Ingot Price Hits 1 million yen/t

Japanese official copper ingot price, which indicates market price of copper products and scrap, reached 1 million yen per tonne again on Monday under higher offshore market and lower yen rate. The price hit 1 million yen for the first time since May 15. Nippon Mining & Metals announced on Monday the firm increases the official copper ingot price by 10,000 yen to 1 million yen per tonne for April shipment. The price increased by 310,000 yen or 45% from the recent bottom of 690,000 yen on February 6 and by 130,000 yen or 15% from 870,000 yen at the beginning of April. The averaged price reached 961,000 yen for April. Japanese industry expects the official price could renew record under higher offshore copper market if speculators would buy more with anticipation for shortage when London Metal Exchange’s copper inventory decreases to less than 170,000 tonnes from the recent peak of 210,000 tonnes and China increases the demand preparing for Olympic game and infrastructure.