Japan Official Copper Price Downs to Below 900,000 yen/t

Nippon Mining & Metals announced on Monday the firm decreased official copper ingot price by 40,000 yen to 870,000 yen per tonne for domestic shipment in November. The monthly averaged price became to 884,000 yen. The official price declined to the lowest level since late June when overseas copper markets plunged to the lowest level in 7 months.Copper spot price at New York Mercantile Exchange plunged by US 21.8 cents per pound, which equaled to US$ 480.5 per tonne, to US 307.75 cents per pound on Friday from the previous day. The price declined to the lowest level in 7 months. Copper spot price at London Metal Exchange decreased to US$ 6,943 per tonne at purchasing price in afternoon trading on Friday, the lowest level since US$ 6,865 on June 23, though the spot price was US$ 7,070 at settlement on Friday keeping the level over US$ 7,000. Japanese official price also reflected weak NY kerb on Friday, which indicates LME copper price level on Monday and continued decreasing to US$ 6,908 per tonne as LME spot price.