Japan Zinc Ingot Price Drops by 19,000 yen/t

Mitsui Mining & Smelting announced on Wednesday the firm decreased the official zinc ingot price by 19,000 yen to 446,000 yen per tonne for June shipment. The lower offshore price reduced the Japanese price despite of the lower yen rate. The averaged monthly official price decreased to 449,500 yen. The indicative zinc cash price decreased by US$ 76 to US$ 3,599 per tonne at settlement of London Metal Exchange on Tuesday from Monday. The price dropped for the first time in 8 trading days. The price decreased when nonferrous metals market drops under higher US dollar rate after the zinc price recovered record level on May 30 with immediate tight supply from recent bottom of US$ 3,325. Mitsubishi Materials announced on Wednesday the firm decreased the official lead ingot price by 3,000 yen to 158,000 yen per tonne for June shipment. The averaged monthly price decreased to 158,500 yen.