Japan Official Copper Price Rebounds to 710,000 yen/t

Nippon Mining & Smelting announced on Tuesday the firm raised official copper ingot price by 20,000 yen to 710,000 yen per tonne for domestic shipment in February. The monthly average became to 710,500 yen. The domestic official price has been revised as frequently as 3 times in February and raised for the first time since January 26.Copper scrap market price increased by 11-18 yen per kilogram for copper based scrap, by about 11 yen per kg for brass based scrap and by about 15 yen per kg for bronze based scrap on Tuesday to reflect revision of the official copper price.The market price was 640-647 yen per kg for no.1 copper wire scrap and 620-627 yen per kg for new cutting high grade copper scrap, while 530-535 yen per kg for new cutting brass scrap and 510-515 yen per kg for brass turning scrap.