Monthly Metal Review

Overview

Base metals were strong around month end on the basis of the possible further cut in interest rates, and also as a defense against potential spikes of inflation and the lower US dollar. Gold hit levels not seen since February 1980 at more than US$ 740 after the US dollar sank to record lows against the euro. Bullion was also benefiting from its status as a safe haven asset during current market turbulence. Copper rose to its highest level since late July of above USD 8,000 on declining LME inventories and ongoing worries over possible supply disruptions in

South America. Lead and zinc both found support from further declines in LME stocks.
 
The US Federal Reserve cut its main interest rate by 50 basis points to 4.75 percent on September 18 and also cut the discount rate - at which it lends directly to banks - by 50 basis points to 5.25 percent in an effort to stimulate the US economy. The move has been well received in commodity markets, the base metals sector posting the strongest gains given the relationship between metals prices and the global growth outlook.
 
The euro surged to the psychological important US$ 1.40 level against the US dollar for the first time on September 20, which is seen as a pain barrier for eurozone exporters.
 
German business confidence readings fell to a 19-month low on credit concern and soaring euro.
 
Booming domestic consumption in China and India will lead to robust economic growth in Asia this year and next year in spite of turmoil on global credit markets and a US slowdown, the Asian Development Bank has forecast. The bank sharply increased its 2007 growth forecast for Asia excluding Japan to 8.3 percent from the 7.6 percent it predicted just six months ago. For 2008, the forecast was raised to 8.2 percent from 7.7 percent.

Daily Prices

September 2007

Copper
Date(Fix.) ($/MT)
Average 7621.82
27-09-2007 8145
26-09-2007 8082
25-09-2007 7990
24-09-2007 8076
21-09-2007 7980
20-09-2007 7852
19-09-2007 7819
18-09-2007 7540
17-09-2007 7600
14-09-2007 7471
13-09-2007 7426
12-09-2007 7396
11-09-2007 7406
10-09-2007 7248
07-09-2007 7361
06-09-2007 7250
05-09-2007 7420
04-09-2007 7301.5
03-09-2007 7451
Silver
Date(Fix.) ($/OZ)
Average 12.79
27-09-2007 13.51
26-09-2007 13.44
25-09-2007 13.28
24-09-2007 13.62
21-09-2007 13.47
20-09-2007 13.17
19-09-2007 12.995
18-09-2007 12.96
17-09-2007 12.59
14-09-2007 12.5
13-09-2007 12.47
12-09-2007 12.66
11-09-2007 12.57
10-09-2007 12.56
07-09-2007 12.57
06-09-2007 12.245
05-09-2007 12.215
04-09-2007 12.095
03-09-2007 12.1
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
27-09-2007 -
26-09-2007 -
25-09-2007 -
24-09-2007 -
21-09-2007 -
20-09-2007 -
19-09-2007 -
18-09-2007 -
17-09-2007 -
14-09-2007 -
13-09-2007 -
12-09-2007 -
11-09-2007 -
10-09-2007 -
07-09-2007 -
06-09-2007 -
05-09-2007 -
04-09-2007 -
03-09-2007 -
Date(Fix.) ($/OZ)
Average -
27-09-2007 -
26-09-2007 -
25-09-2007 -
24-09-2007 -
21-09-2007 -
20-09-2007 -
19-09-2007 -
18-09-2007 -
17-09-2007 -
14-09-2007 -
13-09-2007 -
12-09-2007 -
11-09-2007 -
10-09-2007 -
07-09-2007 -
06-09-2007 -
05-09-2007 -
04-09-2007 -
03-09-2007 -
Date(Fix.) ($/OZ)
Average 710.15
27-09-2007 730.75
26-09-2007 732.65
25-09-2007 728.1
24-09-2007 731.63
21-09-2007 736.18
20-09-2007 731.13
19-09-2007 724.2
18-09-2007 716.23
17-09-2007 714.63
14-09-2007 712.05
13-09-2007 706.3
12-09-2007 708.88
11-09-2007 704.2
10-09-2007 703.75
07-09-2007 698
06-09-2007 685.83
05-09-2007 679.88
04-09-2007 676.13
03-09-2007 672.38
Lead
Date(Fix.) ($/MT)
Average 3214.74
27-09-2007 3600
26-09-2007 3565
25-09-2007 3460
24-09-2007 3542
21-09-2007 3450
20-09-2007 3314.5
19-09-2007 3290
18-09-2007 3181
17-09-2007 3253
14-09-2007 3200.5
13-09-2007 3101
12-09-2007 3065.5
11-09-2007 3020
10-09-2007 2915
07-09-2007 3010.5
06-09-2007 2940
05-09-2007 3090
04-09-2007 2991
03-09-2007 3091
Zinc
Date(Fix.) ($/MT)
Average 2872.05
27-09-2007 3086
26-09-2007 3002
25-09-2007 2900.5
24-09-2007 2931
21-09-2007 2906
20-09-2007 2925
19-09-2007 2935.5
18-09-2007 2766
17-09-2007 2791
14-09-2007 2861
13-09-2007 2776
12-09-2007 2760.5
11-09-2007 2726
10-09-2007 2700
07-09-2007 2831
06-09-2007 2785
05-09-2007 2930.5
04-09-2007 2935
03-09-2007 3021
Tin
Date(Fix.) ($/MT)
Average 15010.79
27-09-2007 15380
26-09-2007 15300
25-09-2007 15325
24-09-2007 15220
21-09-2007 15205
20-09-2007 15105
19-09-2007 15100
18-09-2007 14975
17-09-2007 14750
14-09-2007 14900
13-09-2007 15000
12-09-2007 15060
11-09-2007 15155
10-09-2007 14650
07-09-2007 14925
06-09-2007 14525
05-09-2007 14650
04-09-2007 14655
03-09-2007 15325