Japanese Official Cu Price Rises by 10,000 yen/T

Nippon Mining & Metals revised up the official copper ingot price by 10,000 yen or 2% to 650,000 yen per tonne for December shipment, announced on Wednesday. The monthly averaged price increases by 4,200 yen to 649,400 yen without any more revision within December.

Copper settlement at London Metal Exchange declined by US$ 120 to US$ 6,800.50 per tonne on Tuesday from the previous day. However, telegraphic transfer selling rate became 90.70 yen per US dollar on Wednesday, which decreased by 1.22 yen from the level on December 11 when Nippon Mining & Metals revised the price previously.

After the announcement, Nippon Shindo and Mitsubishi Shindoh, Japanese copper fabricated products makers increased brass turning scrap purchase price by 6 yen to 441 yen per kilogram on Wednesday. Copper scrap price increased by 6-8 yen around Osaka. The market price is 560-565 yen for high grade electric wire scrap and 385-390 yen for brass turning scrap at the dealers’ purchase price including freight.