Japan Official Cu and Zn Prices Revised Up, Pb Down

Nippon Mining & Metals announced on Wednesday the firm set its copper ingot selling price, the market indicator, at 450,000 yen per tonne for domestic shipment in April. The latest price was raised by 20,000 yen or 5% from the end of March and recovered the level as high as early November of 2008.

The latest revision reflected strong offshore copper market and weak exchange rate of yen. Copper settlement at London Metal Exchange (LME) reached US$ 4,035 per tonne on 31 March, which jumped by more than US$ 900 from 25 March when Nippon Mining & Metals previously revised the ingot selling price. Telegraphic transfer selling rate on Wednesday was 99.89 yen per US dollar. Yen became weakest since 100.07 yen per US dollar on 10 March of this year.

Mitsui Mining & Smelting announced on Wednesday the firm set its zinc ingot selling price at 170,000 yen per tonne for domestic shipment in April, up by 5,000 yen from the end of March. The latest price hit the yearly highest to reflect stable offshore zinc market. LME zinc settlement surged by US$ 20 to US$ 1,300.5 per tonne on 31 March from the previous day. The settlement was higher than US$ 1,238 on 10 March along which Mitsui Mining & Smelting previously revised its ingot selling price.

On the other hand, Mitsubishi Materials set its lead ingot selling price at 175,000 yen per tonne for domestic shipment in April, down by 10,000 yen from the end of March. Offshore lead price turned downward in mid March. LME lead settlement on 31 March was US$ 1,272 per tonne, US$30 lower than US$ 1,302 on 20 March along which Mitsubishi Materials previously revised the ingot selling price.