The price of copper in the New York market has reached record high levels. The spot price of copper has reached US$2.20/pound. This caused many Japanese metal suppliers to increase their copper selling price and also to increase the price of hot rolled coils for making containers. Copper is part of the chemical composition that makes up hot rolled coils used in the manufacture of containers. The increasing copper price has increased the production cost for the Japanese furnace mill and this could influence the export price negotiations. With the increasing copper price it is expected that mining companies would invest some US$5.8 billion in industry exploration and development. (Dec. 15)