Monthly Metal Review

Overview

Significant new investor inflow into commodities markets have been reported since the start of the year and these had been reinforced by a rise in hedge fund interest and speculative buying. Commodities prices rose primarily because funds chose to divert more money into an asset class seen as having better prospects in the current downbeat economic climate. Strong inflows into gold exchange traded funds have helped gold prices rise 14.4 percent this year. Copper surged through the USD 8,000 a ton level on a combination of falling LME inventories and a massive inflow of fund money into commodities.
The US Commerce Department said housing starts rebounded modestly in January, rising 0.8 percent to a 1.012m unit annual rate.
The Conference Board said the US consumer confidence index fell to 75 in February from 87.3 in January, the worst reading in five years.
German business confidence has risen unexpectedly, as measured by the February Ifo business climate index. It rose to 104.1 from 103.4 in January. The increase in Germany’s Ifo business climate index was powered largely by an improvement in retailers’ confidence.
China’s monthly trade surplus hit US$ 19.5 billion, a 23 percent year-on-year increase. Exports grew year on year by 26.7 percent, but imports rose by 27.6 percent.
China’s inflation rate was up 7.1 percent in January from a year earlier, setting an 11-year high. Inflation has mainly been driven by high food prices, but rising ex-factory prices are also helping to spread inflation.

Daily Prices

February 2008

Copper
Date(Fix.) ($/MT)
Average 7887.69
29-02-2008 8540.5
28-02-2008 8470
27-02-2008 8516
26-02-2008 8271
25-02-2008 8247
22-02-2008 8322
21-02-2008 8281
20-02-2008 8101
19-02-2008 8080
18-02-2008 7945
15-02-2008 7801
14-02-2008 7776
13-02-2008 7680.5
12-02-2008 7805
11-02-2008 7820.5
08-02-2008 7612
07-02-2008 7350
06-02-2008 7181
05-02-2008 7202
04-02-2008 7295
01-02-2008 7345
Silver
Date(Fix.) ($/OZ)
Average 17.59
29-02-2008 19.62
28-02-2008 19.62
27-02-2008 19.33
26-02-2008 18.12
25-02-2008 18.06
22-02-2008 17.94
21-02-2008 17.98
20-02-2008 17.42
19-02-2008 17.25
18-02-2008 17.01
15-02-2008 17.38
14-02-2008 17.26
13-02-2008 16.98
12-02-2008 17.46
11-02-2008 17.37
08-02-2008 16.95
07-02-2008 16.7
06-02-2008 16.48
05-02-2008 16.51
04-02-2008 16.7
01-02-2008 17.19
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
29-02-2008 -
28-02-2008 -
27-02-2008 -
26-02-2008 -
25-02-2008 -
22-02-2008 -
21-02-2008 -
20-02-2008 -
19-02-2008 -
18-02-2008 -
15-02-2008 -
14-02-2008 -
13-02-2008 -
12-02-2008 -
11-02-2008 -
08-02-2008 -
07-02-2008 -
06-02-2008 -
05-02-2008 -
04-02-2008 -
01-02-2008 -
Date(Fix.) ($/OZ)
Average -
29-02-2008 -
28-02-2008 -
27-02-2008 -
26-02-2008 -
25-02-2008 -
22-02-2008 -
21-02-2008 -
20-02-2008 -
19-02-2008 -
18-02-2008 -
15-02-2008 -
14-02-2008 -
13-02-2008 -
12-02-2008 -
11-02-2008 -
08-02-2008 -
07-02-2008 -
06-02-2008 -
05-02-2008 -
04-02-2008 -
01-02-2008 -
Date(Fix.) ($/OZ)
Average 922.29
29-02-2008 971.5
28-02-2008 959.75
27-02-2008 959.5
26-02-2008 937
25-02-2008 937.5
22-02-2008 943
21-02-2008 945
20-02-2008 920
19-02-2008 924
18-02-2008 903.25
15-02-2008 912.5
14-02-2008 906
13-02-2008 899
12-02-2008 917
11-02-2008 918
08-02-2008 916.25
07-02-2008 899.75
06-02-2008 903
05-02-2008 887.5
04-02-2008 893.75
01-02-2008 914.75
Lead
Date(Fix.) ($/MT)
Average 3079.88
29-02-2008 3394
28-02-2008 3339
27-02-2008 3400
26-02-2008 3253.5
25-02-2008 3266
22-02-2008 3284
21-02-2008 3315
20-02-2008 3170
19-02-2008 3110
18-02-2008 3020
15-02-2008 3045
14-02-2008 3071
13-02-2008 3020
12-02-2008 3032
11-02-2008 3012
08-02-2008 2880
07-02-2008 2786
06-02-2008 2800
05-02-2008 2770
04-02-2008 2865
01-02-2008 2845
Zinc
Date(Fix.) ($/MT)
Average 2438.14
29-02-2008 2721
28-02-2008 2665.5
27-02-2008 2601
26-02-2008 2452
25-02-2008 2465.5
22-02-2008 2451
21-02-2008 2470.5
20-02-2008 2340.5
19-02-2008 2370.5
18-02-2008 2321
15-02-2008 2355
14-02-2008 2341
13-02-2008 2366.5
12-02-2008 2416
11-02-2008 2429
08-02-2008 2345
07-02-2008 2333
06-02-2008 2384
05-02-2008 2402
04-02-2008 2465
01-02-2008 2506
Tin
Date(Fix.) ($/MT)
Average 17210.00
29-02-2008 18700
28-02-2008 18425
27-02-2008 17900
26-02-2008 17725
25-02-2008 17530
22-02-2008 17335
21-02-2008 17450
20-02-2008 17005
19-02-2008 16950
18-02-2008 17000
15-02-2008 16780
14-02-2008 17005
13-02-2008 16955
12-02-2008 17055
11-02-2008 16950
08-02-2008 16975
07-02-2008 16700
06-02-2008 16680
05-02-2008 16600
04-02-2008 16780
01-02-2008 16910