Japan Pb Official Price Marks 35-Month High

Mitsubishi Materials announced on Friday the firm revised up the official lead ingot price by 19,000 yen to 294,000 yen per tonne for April shipment. The price renewed the highest price since the price decreased to less than 300,000 yen on May 9, 2008. The official price increased due to higher overseas market price and yen depreciation. The monthly averaged price increased to 289,300 yen without anymore revision within April.

Lead ingot price at London Metal Exchange increased by US$ 63 to US$ 2,878 per tonne at settlement on Thursday, which hit the highest price since April 2008. The LME price was US$ 158 higher than the price on March 31, based on which Mitsubishi Materials revised the official price.

Telegraphic transfer selling rate was 86.16 yen per US dollar on Friday. The yen rebounded for the first time in 11 trading days. However, the yen rate was 1.68 yen lower than 84.48 yen in the beginning of the month.

LME lead ingot price is increasing due to strong purchase with expectation for higher demand when limited power availability will increase battery demand in Japan after the major earthquake. The LME price increased by 19% from recent bottom of US$ 2,428.50 per tonne on March 11.