Japan's Pan Pacific Copper Co Ltd said on Friday it raised its copper price by 20,000 yen a tonne to 990,000 yen ($8,580), reflecting recent price rises on the London Metal Exchange and a fall in the yen.
This is the sixth consecutive price rise since June 27, and the price is now just below the record high of 1 million yen reached on May 15. Pan Pacific last changed the price on Wednesday when it raised it by 30,000 yen to 970,000 yen.
The key three-month LME copper contract was at $7,960/8,010 a tonne, against around $7,910 at the time of the previous price change.
A lower yen against the dollar also was another factor pushing up Pan Pacific's price. The yen was trading around 115.50 against the dollar, compared with around 114.30 on Wednesday. Pan Pacific is owned by Nippon Mining & Metals, part of Nippon Mining Holdings Inc, and Mitsui Mining and Smelting Co Ltd.
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