Lower Japan Copper and Zinc Prices

Nippon Mining & Metals announced on Thursday the firm decreased the official copper ingot price by 10,000 yen to 740,000 yen per tonne for February shipment. The firm decided the reduction under lower offshore price and higher yen rate. Japanese copper smelters’ breakeven point is estimated to be just more than 738,000 yen per tonne including 43,000 yen of premium and other charges based on New York kerb on January 31, which represents US$ 5,730-5,750 per tonne of future price. Mitsui Mining & Smelting announced on Thursday the firm reduces the official zinc ingot price by 42,000 yen to 460,000 yen per tonne for February shipment. The firm reduces the price when zinc price at London Metal Exchange plunged to lowest level in the year, which was the lowest price since October 2. The zinc price hit record 581,000 yen per tonne on November 27. The price decreased to less than 500,000 yen on January 10 under lower LME price. The Japanese price recovered 500,000 yen in late January with recovering LME price to US$ 3,800 per tonne. Mitsubishi Materials announced on Thursday the firm keeps the official lead ingot price at 249,000 yen per tonne for February shipment. The firm keeps the price when LME lead cash price keeps more than US$ 1,700 per tonne. The firm keeps the price as of January 4.