Japan Official Cu Price Returns to High Level of Oct 2008

Nippon Mining & Metals announced on Wednesday the firm raised its electrolytic copper selling price, the domestic market indicator, by 20,000 yen to 540,000 yen per tonne for domestic shipment in June. The price returned to the level as high as 550,000 yen announced on 22 October, 2008. The price rebounded by 74.2% or 230,000 yen from the recent bottom at 310,000 yen in late December, 2008. The monthly average would be 532,200 yen without any more revision within June.

Copper settlement price at London Metal Exchange (LME) jumped up by US$ 111 to US$ 5,047 per tonne on Tuesday from a previous day. The settlement was higher around US$ 100 than US$ 4,951 on 3 June, along which Nippon Mining & Metals previously revised its ingot selling price. Nonferrous metals market maintains strong to follow global upsurge of stock markets. In addition, LME copper inventory became less than 300,000 tonnes.

Meanwhile, yen exchange rate became weaker against US dollar. The telegraphic transfer selling rate was 98.18 yen per US dollar on Wednesday, weaker than 97.21 yen on 4 June, the previous revision day.