Offshore Market Lifts Japan Official Cu, Zn Price

Nippon Mining & Metals announced on Thursday the firm revised up the official copper ingot price by 4% or 20,000 yen to 520,000 yen per tonne for shipment in May, which recovered the highest level since April 16 level.

Japanese official price increased due to the rebound in overseas market. Copper settlement at London Metal Exchange increased to US$ 4,591 per tonne on Wednesday and the buy price rose to US $4,697 per tonne at the afternoon session, which was $ 225.0 higher than the level at previous price revision by the firm on April 21. Offshore market price increased due to the expectation for American economy recovery. Spot price at New York Mercantile Exchange increased to 8.85 US cents per pound, which was equivalent to $ 4,825 per tonne, which was the highest level since 221.15 cents per pound on April 17.

Zinc price also increased. Mitsui Mining & Smelting announced on Thursday the firm revised up the official zinc ingot price by 10,000 yen to 195,000 yen per tonne for shipment in May due to the firm offshore price, which was as same as yearly high marked on April 21.

Zinc settlement at LME increased to $ 1,520 per tonne on Wednesday, which was $ 101.5 per tonne from a previous revision by Mitsui Mining & Metals on April 22.