Higher LME Market Lifts Japan Official Cu, Pb Prices

Nippon Mining & Metals announced on Tuesday the firm increased official copper ingot price by 5% or 30,000 yen to 640,000 yen per tonne for shipment in August, which renewed the yearly high of 630,000 on August 13. The new price is the highest level since 670,000 yen on October 7, 2008. The monthly averaged price would be 621,900 yen, which increased by 7,200 yen from the previous revision by the firm on Thursday.

Copper settlement at London Metal Exchange increased by US$ 226 to US$ 6,361 per tonne on Monday from the previous trading day and surged by US$ 414 compared with the previous revision by Nippon Mining & Metals on August 19.

Mitsubishi Materials revised up Japanese official lead ingot price by 11,000 yen to 234,000 yen per tonne on Tuesday when the overseas price surged on Monday, which was as same as in the beginning of October 2008. Lead settlement at LME increased by US$ 100.50 to US$ 1,945.50, which was US$ 103 higher than US$ 1,842.50 on the previous revision by Mitsubishi Materials on July 31.