Japan Official Lead Price Drops by 8,000 yen/t

Mitsubishi Materials announced on Tuesday the firm decreased the official lead ingot price by 8,000 yen to 167,000 yen per tonne for May shipment after the metal price dropped along with copper and other metals at London Metal Exchange. The monthly averaged official price decreased by 2,800 yen to 175,400 yen. LME lead price plunged to the monthly low level when nonferrous metals price experienced sharp drop from late last week to earlier the week. The lead price decreased by near 4% from May 17 when the firm reduced the official ingot price previously. Offshore nonferrous metals market showed week rebound power though the price managed to increase slightly in the week after the plunge last week. Brokers’ sources expect the nonferrous metals market will keep the high level when some speculators buy the metals again after the plunge. However, the next move is uncertain if the speculative purchase is enough to support the high price level under appreciated US dollar. The market should watch the move toward the end of the month to find the peak.