Japan Zinc Ingot Price Jumps by 23,000 yen/t

Mitsui Mining & Smelting announced on Tuesday the firm increased the official zinc ingot price by 23,000 yen to 396,000 yen per tonne for domestic shipment in April. With higher offshore price, the price hit widest jump in the year as on February 23. The averaged monthly price increased by 16,100 yen to 386,300 yen.The indicative price increased by US$ 81 to US$ 2,970 per tonne at settlement at London Metal Exchange on Monday from the previous trading day. With strong purchase by speculators under very tight spot supply, the price keeps renewing record after the exchange shifted to US dollar based transaction.LME zinc price increased by 47% in 2 months from the recent bottom of US$ 2,015 per tonne on February 16. Japanese official zinc price increased by 42% from the yearly low of 279,000 yen per tonne on February 20. The price renewed the record and increased by 12% or 42,000 yen only in April.