Japan Official Cu, Pb & Zn Prices Raised for August Shipment

Nippon Mining & Metals announced on Monday the firm set its electrolytic copper selling price, the market indicator, at 580,000 yen per tonne for domestic shipment in August. The price was raised by 20,000 yen from the end of July and reached the highest level since 630,000 yen for 8-10 October, 2008. The latest price is higher by 71% than 340,000 yen at the beginning of this year.

Copper settlement at London Metal Exchange jumped to US$ 5,750 per tonne on 31 July, the highest since US$ 5,960 on 3 October, 2008. Copper spot price also surged to 261.65 US cents per pound at New York Commodity Exchange, the highest since 3 October.

At the same time, yen exchange rate weakened against US dollar. Telegraphic transfer selling rate was 95.74 yen per US dollar on Monday, weaker by more than 1 yen from Nippon Mining & Metals’ previous price revision.

Mitsubishi Materials announced on Monday the firm raised its electrolytic lead selling price, the market indicator, by 8,000 yen to 223,000 yen per tonne for domestic shipment in August from the end of July. The latest price hit the yearly record. LME lead settlement on 31 July was US$ 1,842.5 per tonne, which continued surging by US$ 68 from the previous day and returned to the level as high as late September, 2008.

Mitsui Mining & Smelting set its electrolytic zinc selling price at 210,000 yen per tonne for domestic shipment in August, up by 5,000 yen from the end of July. The latest price marked the yearly record. LME zinc settlement jumped by US$ 78 to US$ 1,748 per tonne on 31 July from the previous day.