Japan Official Copper Price Drops by 70,000 yen/t

Nippon Mining & Metals announced on Thursday the firm reduced the official copper ingot price by 70,000 yen to 750,000 yen per tonne for January shipment after plunge to less than US$ 6,000 per tonne at London Metal Exchange. The official price decreased to the lowest level since April 11, 2006. LME copper settlement price decreased by US$ 416 to US$ 5,785 per tonne on Wednesday from previous day, which was the lowest level since April 6, 2006. Copper price also decreased by 22.15 US cents to 263.25 US cents per pound for January delivery at New York Mercantile Exchange on the day. Mitsubishi Materials announced on Thursday the firm increased the official lead ingot price by 5,000 yen to 249,000 yen per tonne for January shipment. LME lead price rebounded to more than US$ 1,700 per tonne in afternoon session on Wednesday after the settlement decreased by US$ 65 to US$ 1,660 from previous day.Mitsui Mining & Smelting announced on Thursday the firm left the official zinc ingot price unchanged at 543,000 yen per tonne for January shipment. LME zinc settlement price decreased by US$ 245 to US$ 4,014 per tonne on Wednesday from previous day. However, Mitsui Mining & Smelting kept the price when LME zinc price rebounded in the afternoon session on Wednesday and yen exchange rate keeps the lower level against US dollar.