Japanese Cu Official Price Dropped by 20,000Y/T

Nippon Mining & Metals revised down the official copper ingot price by 5% or 20,000 yen to 400,000 yen per tonne for domestic shipment in March, announced on Thursday. The firm reduced the official price for the first time in March due to the copper price rebounded at London Metal Exchange and the appreciation of the yen. The monthly averaged price would be 401,900 yen per tonne, 12,300 yen or 2.9% lower than previous revision on March 5 without any more revision within March.

Copper cash buy price at LME declined by US$ 101 to $ 3,595 per tonne for afternoon session on Wednesday from a previous day, which decreased by $ 110 per tonne from March 5 level. Copper inventory at warehouses registered to LME is decreasing since late February but Chinese demand for copper begins to weaken and Chinese trade surplus dropped significantly.

Telegraphic transfer selling rate was 98.17 yen per dollar, which more than 2 yen higher than March 5 level and became the highest level in 10 days.