Japan Official Copper Price Rebounds after 3 Weeks

Nippon Mining & Metals announced on Friday the firm raised official copper ingot price by 10,000 yen to 840,000 yen per tonne for domestic shipment in December. The monthly averaged price became to 842,500 yen. The price was revised up when foreign exchange rate of yen sharply declined against US dollar with less expectation for Japanese higher interests within 2006. Nippon Mining & Metals revised the price 3 times this month, while raised it for the first time since November 27.

Overseas copper markets maintain weak. Copper spot prices at London Metal Exchange and New York Mercantile Exchange still stayed at the lowest level in 8 months. NYMEX copper price hit the lowest on Wednesday since US 296.50 cents on April 17, 2006, even though rebounded on Thursday.

NYMEX spot price rebounded by US 2.05 cents to US 304.50 cents per pound on Thursday from Wednesday. LME price also rebounded by US$ 70 to US$ 6,880 per tonne at settlement on Thursday from Wednesday and increased by US$ 113 to US$ 6,803 at afternoon trading.