Japan Official Copper Price Continues Recovering

Nippon Mining & Smelting announced on Friday the firm raised official copper ingot price by 20,000 yen to 750,000 yen per tonne for domestic shipment in January, monthly average of which became to 738,400 yen. The price was revised up again after January 24 thanks to continuous upsurge of overseas copper markets. Japanese official price regained 36% or 110,000 yen by the rebound on January 24 and 26 from the decrease since early January.Japanese copper rolled products dealers can reduce losses by the gap between higher stock prices and lower reselling prices thanks to the rebound of the official copper price. Users of the products seemed to regard the latest official price as the moderate level, though they had sought purchase timing with expectation the copper price might continue declining. The users would move to procure the products within this month when the official copper price could increase more at the beginning of February.