Japan Official Copper Price Hits 8-Month Lowest

Nippon Mining & Metals announced on Thursday the firm decreased official copper ingot price by 20,000 yen to 820,000 yen per tonne for domestic shipment in December. The price hit the lowest in 8 months since 780,000 yen on April 13 to reflect the plunge of overseas copper markets. The monthly averaged price became to 836,500 yen.Overseas copper markets continue decreasing. Copper settlement price at London Metal Exchange dropped down by US$ 177 to US$ 6,440 per tonne on Wednesday from Tuesday, the lowest since US$ 6,210 on April 13, 2006, when copper inventory held by LME increased by 4,600 tonnes to 177,225 tonnes and US dollar became stronger against euro.Copper spot price also plunged at New York Mercantile Exchange to US 293.95 cents per pound on Wednesday. The price became to below US$ 3 of support line and hit the lowest since US 286.80 cents on April 13.Japanese smelters’ breakeven point with imported copper ore is estimated to be 820,000 yen per tonne including 43,000 yen of premium and other charge based on NY kerb on Wednesday, which represented US$ 6,525-6,545 per tonne.