Copper, Zinc and Lead:
How Japanese Tatene Is Set

Most overseas buyers assume Japanese prices are simply “LME plus something.” In practice, the premium, the revision frequency and even the pricing basis differ by metal. Applying your copper intuition to zinc or lead will lead you to the wrong number. This article explains the Japanese tatene (建値) system using actual 2026 data.

All USD figures converted at 1 USD = 158.56 JPY (TTS) at the time of writing. Data period: March–July 2026.

1. What tatene is

Tatene is the reference price for domestic non-ferrous transactions in Japan. It is not an exchange price — it is announced individually by each producer:

• Copper — JX Advanced Metals
• Zinc — Mitsui Kinzoku
• Lead — Mitsubishi Materials

Scrap buying prices in Japan are quoted as a deduction from these figures. If you are negotiating scrap, you are negotiating against tatene — not against LME.

2. Tatene is irregular — there is no schedule

This is the first thing to unlearn. Producers revise when LME and FX have moved beyond a certain range. If the market moves, it is revised. If not, it stays. There is no published calendar.

*The average interval is an outcome, not a schedule. Copper has been revised one day apart, and has also stayed unchanged for fourteen days.

3. The premium: how far tatene sits above LME

Taking tatene minus (LME × USD/JPY) for every revision in the period:

• All three sit in a similar band — roughly ¥60,000–90,000/t ($380–$570). The absolute add-on is comparable across metals.
• Stability differs. Lead is remarkably tight. Copper widens sharply in volatile markets — it reached ¥113,700 ($717) in this period.
• Expressed as a percentage the picture looks very different (copper ≈ +3.5%, lead ≈ +21%), but that is a function of unit price, not of a larger add-on.

On the reasoning: each producer sets and publishes its own tatene, and the calculation basis is not disclosed. We do not speculate on why a given level is chosen. What we can show is the range in which it has actually moved.

4. Which tatene applies: monthly average or the day’s figure

This is the point overseas buyers miss most often, and it changes how you should read every number above. There is no single answer — it depends on the type of deal.

If you are buying spot, the daily tatene is your number and timing is critical. If you are on a contracted arrangement, the daily print is only an indicator — what you settle at is the average.

What this means for you:

• Establish the basis before you negotiate. Ask explicitly: daily tatene, or monthly average?
• If monthly average — confirm which month: the shipping month, or the preceding one.
• On an average basis, a sharp mid-month move is diluted by the time it reaches settlement.
• On a spot basis, the revision timing in section 2 determines your price directly.
• Hedge against whichever basis your contract actually uses.

5. FX is the second variable — and it is not small

Between May and July 2026 the yen moved 7.63 yen against the dollar. On a ¥2,200,000/t copper price that is worth roughly ¥100,000/t ($631) — about two and a half average revisions.

A falling LME does not guarantee a falling Japanese price. If the yen weakens at the same time, tatene goes up.

6. Checklist when buying from Japan

• Confirm which date — or which month’s average — the quote is based on.
• Remember the three metals are revised on unrelated timing. A mixed-metal quote may combine three different bases.
• Scrap discounts are quoted off tatene. Negotiating in LME terms uses a currency your counterparty does not price in.
• Do not assume a basis. Contracted volume tends to settle on the monthly average; spot business is commonly priced off the tatene of the day.

7. Where to see the numbers

We publish all three producer prices, LME quotes, FX and monthly averages every business day at 12:00 JST.

→ Japan market data (updated daily)