Nippon Mining & Metals Hikes Copper Ingot by 10,000 Yen/t

Nippon Mining & Metals announced on Tuesday the firm increased the official copper ingot price by 10,000 yen to 960,000 yen per tonne for August shipment. The price is the highest level after 990,000 yen in mid-July. The averaged monthly price increased to 957,800 yen.The firm increased the price when offshore copper price surged due to labor dispute resulted in strike at world largest copper mine, Escondida of Chile. Copper ingot price increased to US$ 7,962 per tonne at afternoon session of London Metal Exchange on Monday when the mine workers started the strike. The LME price is the highest level after US$ 8,035 on July 18.The higher Japanese copper price is partly due to higher yen rate. The telegraphic transfer selling rate increased to 116.05 yen per US dollar on Tuesday. Japanese smelters’ breakeven point with imported copper ore is estimated to be near 936,000 yen per tonne including 43,000 yen of premium and charges based on kerb transaction price in New York on Monday, which represents US$ 7,927 per tonne of copper ingot price.