Japan Cu, Zn and Pb Official Price Increases along Stable LME Prices, Weak Yen

JX Nippon Mining & Metals announced on Tuesday the firm raised its official copper ingot price, the market indicator in Japan, by 40,000 yen to 670,000 yen per tonne for domestic shipment in November. The price returned to the level as high as six weeks ago.

The revision reflected copper ingot price at London Metal Exchange (LME) on October 31. The settlement was US$ 7,900.50 per tonne, which decreased by US$ 81 from the previous day while the price represented US$ 180 higher than the settlement, based on which JX Nippon Mining & Metals previously revised its ingot price.

Meanwhile, telegraphic transfer selling rate was 79.30 yen per US dollar on Monday. Yen weakened by 2.01 yen from the day of JX Nippon Mining & Metals’ previous price revision.

Mitsui Mining & Smelting raised its electrolytic zinc ingot selling price, the market indicator in Japan, by 15,000 yen to 200,000 yen per tonne on Tuesday. The price reached 200,000 yen for the first time since late September when LME zinc spot price maintained stable and yen exchange rate sharply weakened against US dollar.

Mitsubishi Materials also raised its lead ingot selling price, the domestic market indicator, by 5,000 yen to 200,000 yen per tonne on Tuesday when LME lead spot price maintained steady.