The official copper price plunged, with the official price of electrolytic copper set at ¥2.32 million on the 23rd after a ¥90,000 reduction. The decline in international copper prices coincided with the yen’s rapid appreciation and the dollar’s weakening.
The official price of electrolytic copper, a benchmark for spot transactions in copper products and raw materials, plunged on the 23rd, and JX Advanced Metals announced the same day that it would cut the price by ¥90,000 to ¥2.32 million. This marked the lowest level in about one month.
In addition to a decline in international copper prices as easing supply and demand came into focus, the rapid appreciation of the yen and weakening of the dollar in the foreign exchange market are also considered to have contributed to the decline in the official price.
The average official price of electrolytic copper in October was ¥2,371,500, while the month’s level of around ¥2.4 million has been described as a record.