Japan Official Lead Price Recovers to 180,000 yen/t

Mitsubishi Materials announced on Tuesday the firm raised official lead ingot price by 7,000 yen to 180,000 yen per tonne for domestic shipment in August. The price returned to over 180,000 yen for the first time since May 11 thanks to the firm lead market at overseas and weaker yen against US dollar. The monthly averaged price became to 176,400 yen.

Lead spot price at London Metal Exchange decreased by US$ 29 to US$ 1,156 per tonne at settlement on Monday from the previous trading day. However, the market sustains the brisk tone when the settlement price exceeded US$ 1,200 on Thursday for the first time since May 17. The settlement on Monday was even US$ 21 higher than that on August 4, along which Mitsubishi Materials previously revised Japanese official lead ingot price.

The telegraphic transfer selling (TTS) rate was 117.59 yen per one US dollar on Tuesday, which became cheaper by 0.27 yen from Monday. US dollar is actively purchased at the exchange market under thin trading in summer holidays with expectation the US interest rate be raised again when the economic figures show favorable conditions of US economy. The TTS rate was cheaper by around 2 yen on Tuesday from August 7 when Mitsubishi Materials previously revised the official lead price.

See the attached file.