Japan Official Cu Ingot Price Revised Down to 520,000 Yen/t

Nippon Mining & Metals announced on Wednesday the firm lowered its electrolytic copper selling price, the market indicator, by 10,000 yen to 520,000 yen per tonne for domestic shipment in July. The revision reflected copper price down at overseas markets and strong yen exchange rate against US dollar. The monthly average would be 522,200 yen without any more revision within July.

Copper settlement price at London Metal Exchange was US$ 5,012 per tonne on 7 July, lower by US$ 96 than the price along which Nippon Mining & Metals previously revised its selling price. Copper spot price at New York Commodity Exchange was 221.40 US cents per pound on 7 July, lower by 4.40 cents than the price for Nippon Mining & Metals’ previous revision.

Telegraphic transfer selling (TTS) rate was 95.51 yen per US dollar on Wednesday. Yen became stronger against US dollar by 1.84 yen compared with the day of Nippon Mining & Metals’ previous price revision. TTS rate became below 96 yen for the first time since late May.