Japanese Cu Official Price Increases by 20,000 yen/T

Nippon Mining & Metals revised up the official copper ingot price by 20,000 yen to 680,000 yen per tonne, which increased as high as 26 January when the overseas market price increased, announced on Wednesday. The monthly averaged price increased by 8,500 yen to 662,100 yen without any more revision within February.

Copper settlement at London Metal Exchange increased by US$ 99 to US$ 6,940 per tonne on Tuesday from the previous day and the price is US$ 267.50 higher than the price on the previous revision by Nippon Mining & Metals. The LME price increased to more than US$ 7,000 in afternoon session for the first time since January 28.

Copper price at LME has been decreasing since mid January due to the liquidation by the hedge fund. Japanese copper official price decreased by 16% to 630,000 yen per tonne on February 5 from the peak of 750,000 yen on January 7.