Japan Official Lead Price Ups to 247,000 yen/t

Mitsubishi Materials announced on Wednesday the firm raised official lead ingot price by 4,000 yen to 247,000 yen per tonne for domestic shipment in December. The price was revised up when overseas lead market maintained strong and foreign exchange rate of yen became weaker against US dollar. The monthly averaged price became to 244,000 yen per tonne.

Lead spot price at London Metal Exchange decreased by US$ 4 to US$ 1,805 per tonne at settlement on Tuesday from Monday. However, LME price was still higher by US$ 46 than US$ 1,759 on December 6 along which Mitsubishi Materials previously revised domestic official price.

Telegraphic transfer selling rate was 117.92 yen per US dollar in Tokyo on Wednesday, which became 1.76 yen cheaper from December 7 due to less expectation for Japanese higher interest rates and US lower interest rates.