Japan Zinc Ingot Price Rises by 6,000 yen/t

Mitsui Mining & Smelting announced on Wednesday the firm increased the official zinc ingot price by 6,000 yen to 436,000 yen per tonne for August shipment under higher offshore market and lower foreign exchange rate of yen. The averaged price increased to 434,400 yen. The indicative zinc cash price increased by US$ 23 to US$ 3,395 per tonne at settlement of London Metal Exchange on Tuesday. The telegraphic transfer selling rate decreased by 0.97 yen to 116.62 yen per US dollar on Wednesday from August 1 when the firm revised the price previously. The official zinc price decreased to 410,000 yen per tonne on July 25 due to lower offshore market from the recent peak at 452,000 yen on July 12. The official price increased to 436,000 yen associated with rebound of offshore market for zinc, copper and nickel.