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

Nippon Mining & Metals announced on Monday the firm increased the official copper ingot price by 20,000 yen to 630,000 yen per tonne for domestic shipment in March. The averaged monthly price increased to 627,000 yen.The indicative copper ingot price increased to US$ 5,051 per tonne at settlement of London Metal Exchange on Friday, which was the near record US$ 5,145.50 on February 7 after LME shifted to US dollar based transaction, from recent low of US$ 4,835.50 on February 27. The LME price rebounded sharply from the last week of February to the first week of March with the news of strike at mine of Grupo Mexico.Nippon Mining & Metals increased the official price under the higher offshore price despite of lower foreign exchange rate of yen, which decreased to more than 116 yen per US dollar for the first time since the end of January.