Japan Official Copper Price Raised by 20,000 yen/t

Nippon Mining & Metals announced on Tuesday it raised the official copper ingot price by 20,000 yen to 640,000 yen per tonne for domestic shipment in March. The price increased under higher offshore price and lower yen rate. The monthly averaged price increased to 631,800 yen. The firm revised the price 4 times in March including the revision on March 1.Copper settlement price at London Metal Exchange (LME) rebounded sharply on Monday due to short covering purchase, lower copper inventory and additional speculative purchase. The price increased by near US$ 150 to US$ 4,946.50 per tonne from recent low of US$ 4,801 per tonne on March 8. The foreign exchange rate of yen continued to decrease to near 120 yen per a US dollar at telegraphic transfer selling (TTS) rate, which was the lowest level since late February.