Japan Official Cu Ingot Price Rebounds by 50,000 yen/t

JX Nippon Mining & Metals announced on Tuesday the firm increased the official copper ingot price by 50,000 yen to 610,000 yen per tonne for October shipment to reflect offshore market price increase. The monthly averaged price increased by 37,500 yen to 600,500 yen per tonne without any more revision within October.

Copper ingot price at London Metal Exchange increased by US$ 453.5 to US$ 7,314 per tonne at settlement on Monday from October 5, based on which JX Nippon Mining & Metals revised the price.

Copper price at LME surged by around 8% at settlement on Monday from recent bottom at US$ 6,785 per tonne on October 4. Japanese major trading firm source analyzed LME price increased due to rebound of the stock price at Europe and US market.

However, the market sources expected copper price at LME would increase when the price on October 4 was about 30% lower than the recent peak at US$ 9,827 per tonne on August 1. Japanese copper dealer source sees the price would decrease again due to weak Europe and US economy.