Monthly Metal Review

Overview

Concerns about the impact on demand for commodities from a slowdown in the global economy continue to overshadow the base metals sector and ensured downward pressure on the metals prices. Copper fell to a 9 month low following an increase of 8,650 tons in LME stocks and got a boost towards the end of the year after China said it was to abolish import duties on copper cathode and anode from January 1. This move by China is the latest effort to encourage more overseas buying to meet strong demand. Gold prices sank below the US$ 800 an ounce as the US dollar strengthened against the euro and have ended the year around US$ 850 an ounce. In the Nickel market, there were hopes that lower prices may encourage Chinese buyers to switch back to refined nickel rather than using nickel pig iron.
According to figures released by the US Department of Commerce, US consumer spending in November rose 1.1 percent from October, the biggest monthly increase since July 2005.
Turmoil on the global credit markets has pushed German investor confidence to its lowest level for almost 15 years. The ZEW Centre for European Economic Research in Mannheim said its December survey of institutional investors and analysts fell to -37.2 points, lower than the previous month’s count of -32.5 and the lowest since January 1993.
Japanese consumer confidence fell in November to its lowest level. The Cabinet Office’s sentiment index fell by 3 points since October to a reading of 39.8. Reading below 50 suggest consumers are pessimistic about economic conditions. Growth for the third quarter was revised down to an annualised 1.5 percent from the original estimate of 2.6 percent.
China raised interest rates for the sixth time this year to prevent its economy from overheating.

Daily Prices

December 2007

Copper
Date(Fix.) ($/MT)
Average 6240.95
31-12-2007 6676.5
28-12-2007 6715
27-12-2007 6871
24-12-2007 -
21-12-2007 6630
20-12-2007 6561.5
19-12-2007 6381
18-12-2007 6272.5
17-12-2007 6365
14-12-2007 6420
13-12-2007 6500
12-12-2007 6560
11-12-2007 6635
10-12-2007 6710
07-12-2007 6812
06-12-2007 6610
05-12-2007 6551
04-12-2007 6501
03-12-2007 6806.5
Silver
Date(Fix.) ($/OZ)
Average 14.30
31-12-2007 14.76
28-12-2007 14.75
27-12-2007 14.67
24-12-2007 14.35
21-12-2007 14.28
20-12-2007 13.97
19-12-2007 13.98
18-12-2007 13.97
17-12-2007 13.75
14-12-2007 14.01
13-12-2007 14.61
12-12-2007 14.64
11-12-2007 14.62
10-12-2007 14.38
07-12-2007 14.44
06-12-2007 14.06
05-12-2007 14.34
04-12-2007 14.25
03-12-2007 13.86
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
31-12-2007 -
28-12-2007 -
27-12-2007 -
24-12-2007 -
21-12-2007 -
20-12-2007 -
19-12-2007 -
18-12-2007 -
17-12-2007 -
14-12-2007 -
13-12-2007 -
12-12-2007 -
11-12-2007 -
10-12-2007 -
07-12-2007 -
06-12-2007 -
05-12-2007 -
04-12-2007 -
03-12-2007 -
Date(Fix.) ($/OZ)
Average -
31-12-2007 -
28-12-2007 -
27-12-2007 -
24-12-2007 -
21-12-2007 -
20-12-2007 -
19-12-2007 -
18-12-2007 -
17-12-2007 -
14-12-2007 -
13-12-2007 -
12-12-2007 -
11-12-2007 -
10-12-2007 -
07-12-2007 -
06-12-2007 -
05-12-2007 -
04-12-2007 -
03-12-2007 -
Date(Fix.) ($/OZ)
Average 804.47
31-12-2007 836.5
28-12-2007 831.13
27-12-2007 825.75
24-12-2007 810.25
21-12-2007 806.75
20-12-2007 797.38
19-12-2007 800.63
18-12-2007 800.25
17-12-2007 788.88
14-12-2007 792.88
13-12-2007 804.85
12-12-2007 810.75
11-12-2007 807.75
10-12-2007 804.75
07-12-2007 796.13
06-12-2007 795.13
05-12-2007 797.38
04-12-2007 793.88
03-12-2007 784
Lead
Date(Fix.) ($/MT)
Average 2459.39
31-12-2007 2532
28-12-2007 2561
27-12-2007 2650
24-12-2007 -
21-12-2007 2655
20-12-2007 2648
19-12-2007 2471
18-12-2007 2432
17-12-2007 2412
14-12-2007 2461
13-12-2007 2535
12-12-2007 2530.5
11-12-2007 2420
10-12-2007 2520.5
07-12-2007 2675
06-12-2007 2605.5
05-12-2007 2804
04-12-2007 2825
03-12-2007 2991
Zinc
Date(Fix.) ($/MT)
Average 2229.24
31-12-2007 2290
28-12-2007 2385.5
27-12-2007 2420.5
24-12-2007 -
21-12-2007 2356.5
20-12-2007 2280.5
19-12-2007 2265
18-12-2007 2276
17-12-2007 2240.5
14-12-2007 2330
13-12-2007 2385
12-12-2007 2400.5
11-12-2007 2382
10-12-2007 2360.5
07-12-2007 2371
06-12-2007 2340.5
05-12-2007 2371.5
04-12-2007 2359.5
03-12-2007 2540.5
Tin
Date(Fix.) ($/MT)
Average 15407.11
31-12-2007 16380
28-12-2007 16450
27-12-2007 16155
24-12-2007 -
21-12-2007 16200
20-12-2007 16300
19-12-2007 15980
18-12-2007 15725
17-12-2007 15945
14-12-2007 16000
13-12-2007 16355
12-12-2007 16480
11-12-2007 16450
10-12-2007 16400
07-12-2007 16480
06-12-2007 16300
05-12-2007 16195
04-12-2007 16125
03-12-2007 16815