Japan Zinc Ingot Price Hits Record

Japanese official zinc ingot price hit record 581,000 yen per tonne on Monday after the largest hike of 53,000 yen, announced by Mitsui Mining & Smelting. Zinc price increased by US$ 108.50 to record US$ 4,619.50 per tonne at settlement of London Metal Exchange on Friday from previous day with lower inventory report and rebound mood for the metals. With the strong fundamentals, zinc could lead the LME market. Mitsui Mining and Smelting announced on Monday the hike for November shipment. The official price exceeded former record of 577,000 yen per tonne on November 7. With the additional hike, the averaged monthly price increased by 10,600 yen to 557,900 yen. LME zinc price decreased to US$ 4,110 per tonne on November 17 along with drops of copper and other metals though the zinc price hit record US$ 4,580.50 on November 9. However, with the favorable mood for the metals’ market, the zinc price increased by around 12% in a week to renew the record. Nippon Mining & Metals announced on Monday the firm increased the official copper ingot price by 20,000 yen to 870,000 yen per tonne for November shipment. The averaged monthly price increased to 880,000 yen after the fourth increase with rebounded offshore market. Foreign exchange rate of yen increased to the highest level since August 11 at 116.68 yen per US dollar at telegraphic transfer selling rate on Monday under lower dollar movement. Japanese copper smelters’ breakeven point with imported ore is estimated at more than 873,000 yen per tonne including 43,000 yen of premium and charges based on New York kerb on Friday, which represented US$ 7,140-7,150 per tonne.