Japan Official Copper Ingot Downs by 20,000 yen

Nippon Mining & Metals announced on Friday the firm decreased the official copper ingot price by 20,000 yen to 920,000 yen per tonne for September shipment. The price decreased by 60,000 yen from recent high of 980,000 yen in September 6 including 40,000 yen down on September 12. The averaged monthly price decreased to 938,000 yen. With 20,000 yen per tonne down for copper ingot price, copper ingot dealers and scrap dealers were calm. The market interests expected the move sooner or later. However, they increased caution wariness for potential downward move of the offshore market when the offshore price dropped just after temporally surge with expectation for higher demand in early September. Major trading firm source said the price could accelerate the decrease. Japanese market interests expect Japanese official copper ingot price will decrease to less than 900,000 yen per tonne. With lower copper ingot price, rolled copper products market price increased weak mood around Tokyo. The price is expected to decrease by 10-15 yen per kilogram except for some items in the week. However, the dealers are squeezed by downward pressure from the market and higher cost price when rolled copper makers try to increase the rolling margin.