Japan Official Copper Price Revised Up, Lead Price Down

Nippon Mining & Metals announced on Tuesday the firm raised its electrolytic copper selling price, the market indicator, by 10,000 yen to 630,000 yen per tonne for domestic shipment in November. The monthly average would be 627,300 yen without any more revision within November.

Copper spot price at London Metal Exchange (LME) surged by US$ 65 to US$ 6,575 per tonne in afternoon trading on Monday compared with the previous trading day. The price was higher by about US$ 100 than the beginning of November and hit the yearly highest level.

Telegraphic transfer selling (TTS) rate was 90.99 yen per US dollar on Tuesday. Yen became slightly stronger than the beginning of November. However, LME price upsurge canceled TTS rate’s fluctuation.

On the other hand, Mitsubishi Materials revised down its electrolytic lead selling price, the market indicator, by 5,000 yen to 250,000 yen per tonne on Tuesday. The monthly average would be 251,300 yen without any more revision within November. LME lead settlement was US$ 2,278 per tonne on November 9th, down by US$ 42 from the end of last week. LME settlement was lower by US$ 44 than US$ 2,322 on October 30th along which Mitsubishi Material previously revised its selling price.