Japan Copper Ingot Price Hits 820,000 yen/t

Japanese official copper ingot price hit highest level at 820,000 yen per tonne in the year on Friday after the recovery from the bottom of 690,000 yen in early February. The price reflected rebound of offshore market. Japanese interests expect higher offshore market with lower copper inventory at London Metal Exchange when demand increases in China and speculators increase the purchase for metals and crude oil. Under the market condition, Japanese official price is likely to increase. Nippon Mining & Metals announced on Friday the firm increased the official copper ingot price by 40,000 yen to 820,000 yen per tonne for March shipment to reflect higher offshore market. The price is 3-month high as the price on December 21. After the 5th hikes in March, the averaged monthly price reached 787,600 yen. LME led the rebound in the offshore market with lower LME inventory while the copper price in New York Mercantile Exchange stayed the level just under 285.40 US cents per pound due to plunge of New York Stock Exchange. However, the New York copper price increased by 16.30 US cents to 298.50 US cents on Thursday, which was the highest level after 300.25 US cents on December 19, with speculators’ purchase. LME cash price renewed the record in the year at US$ 6,570 per tonne in the afternoon session on Thursday when the backwardation widened to US$ 65. Japanese copper smelters’ breakeven point is just more than 821,000 yen per tonne including 43,000 yen premium and charged based on NY kerb on Thursday, which represented US$ 6,520 per tonne.