Japan Official Zinc Price Increases by 5,000Y/T

Mitsui Mining & Smelting revised up the official zinc ingot price by 5,000 yen to 165,000 yen per tonne for domestic shipment in March, announced on Wednesday. The firm reflected zinc price rise at London Metal Exchange lifted by American stock market surge. The monthly averaged price increased by 3,300 yen per tonne to 161,400 yen per tonne from Friday, a previous revision.

Zinc settlement at LME increased by US$ 56 to $ 1,238 on Tuesday from the previous day, which is $ 11.5 higher than the price on previous revision by Mitsui. Nonferrous metal price at LME surged when American stock market rebounded after the plunge in Dow Jones Average on Monday.

Telegraphic transfer selling rate was 99.72 yen per dollar on Tuesday, which was in the same range on previous revision. The breakeven point of Mitsui increased by about 5,000 yen per tonne from a previous revision.

LME zinc price recovered US$ 1,200 range per tonne since mid-January lifted by firm copper and other nonferrous metal price. Zinc inventory at warehouses registered to LME is decreasing from the peak of 360,000 tonnes range on the end of January, which strengthens the buying mood.