Monthly Metal Review
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
Gold surged towards the US$ 800 level on high oil prices and a weak dollar and the yellow metal looks likely to climb further on strong physical demand, traders said. Silver moved in parallel to gold and rose to as high as US$ 14 an ounce, its highest level in six months. Lead prices continued a record-breaking run with the three-month price spiking above US$ 3,800 a ton. The market has suffered supply disruptions in the approach to a period of strong for demand from battery makers.
High demand and record prices for commodities have pushed up international freight rates. The Baltic Dry index, a composite index of shipping costs for dry bulk materials, hit a record of more than 11,000 points for the first time. The index was bolstered by demand for iron ore and coal from
China and a jump in US cereal exports to the Asia-Pacific region. Freight costs have risen fivefold since 2003. Congestion at ports in Australia and Brazil, important exports of raw materials to China, have increased and are contributing to the tightness of the shipping market.
US consumers continued to spend despite a worsening downturn in the housing market as retail sales rose an estimated 0.6 percent in September.
US exports hit records and helped to drive down the trade deficit for the world’s largest economy amid strong demand from Europe and Asia. The trade gap narrowed in August to $ 57.6 billion from US$ 59 billion.
The eurozone industrial production rose 1.2 percent in August from a 0.7 percent increase in July 2007.
In China, the economy grew at an annual rate of 11.5 percent in the third quarter on the back of robust investment and exports, only marginally slower than the 11.9 percent rate seen in the second quarter.
Japan ’s trade surplus surged to a record high in September. It expanded 63 percent from a year earlier to US$ 14 billion.