Japanese Official Cu Price Marks Yearly High

Nippon Mining & Metals revised up official copper ingot price by 20,000 yen to year-high of 650,000 yen per tonne, announced on Tuesday. The averaged monthly price would be 636,800 yen, up by 9,500 yen compared with the previous revision on November 10 without any more revision within November.

Copper price at London Metal Exchange hit US$ 6,800 per tonne on Monday, which represented the highest price in a year and 2 months and US$ 300 higher than level on November 10. With the higher offshore market, Japanese official copper price is the highest level since October 6, 2008. The official price increased by 90% from 340,000 yen per tonne at the beginning of the year.

Copper scrap market price increased to the yearly high level on Tuesday. The market price increased by 16 yen to around 565 yen per kilogram for higher grade electric wire scrap at dealers’ selling price around Tokyo.

The generation of copper scrap remains low and the dealers may have to pay around 575 yen per kilogram for large lot transaction, one major dealer source said. On the other hand, copper fabricated products makers reduce scrap purchase. The scrap dealers are reluctant to increase the inventory.