Monthly Metal Review

Overview

Commodity markets observed a historic moment on 13 March with gold touching the key US$ 1,000 level for the first time and spot oil prices hitting a new peak of US$ 111 a barrel before dropping back. US dollar is widely seen as a key factor fuelling the record-breaking runs being seen in energy, metals and agricultural markets as it reduces the prices of commodities to overseas buyers. A significant trade for hedge funds this year has been to sell the US dollar and to buy commodities but recently an avalanche of selling swept across metals before the Easter break. Risk reduction was a driver of the sell-off as funds locked in profits and moved into the safety of cash.
In the US, moving to rejuvenate an economy hit by the housing slump and the credit crisis, the Fed lowered its key federal funds rate by three-quarters of percentage point to 2.25 percent, its lowest level since December 2004.
Sales of previously owned homes in the US rose for the first time in seven months in February, while sale prices fell by their most in at least 40 years. Existing home sales rose by 2.9 percent to a seasonally adjusted annual rate of 5.03m units in February, still 23.8 percent lower than a year ago.
Germany’s economy remains in robust shape, with exports seeing the fastest growth in 16 months at the start of the year. Exports rose by 3.8 percent in January, compared with December. It is the biggest monthly increase since September 2006. Imports rose by 4.2 percent in January, after a 5.4 percent increase in December. The Ifo business climate index rose from 104.1 in February to 104.8 in March, climbing for a third consecutive month.
China’s trade balance moderated in January and February. The surplus was $ 28 billion for the 2 months, down 29 percent year on year. Over the same period, the domestic economy has remained strong, reflected in import growth of 31 percent year on year, compared to a 16.9 percent rise in the value of exports.

Daily Prices

March 2008

Copper
Date(Fix.) ($/MT)
Average 8423.47
31-03-2008 8380
28-03-2008 8540
27-03-2008 8457
26-03-2008 8099.5
25-03-2008 8240
20-03-2008 7789
19-03-2008 8210.5
18-03-2008 8285
17-03-2008 8360
14-03-2008 8611
13-03-2008 8550
12-03-2008 8356
11-03-2008 8560.5
10-03-2008 8400.5
07-03-2008 8660
06-03-2008 8881
05-03-2008 8416
04-03-2008 8685
03-03-2008 8565
Silver
Date(Fix.) ($/OZ)
Average 19.51
31-03-2008 17.99
28-03-2008 18.36
27-03-2008 18.2
26-03-2008 18.07
25-03-2008 17.575
20-03-2008 17.53
19-03-2008 19.88
18-03-2008 20.38
17-03-2008 20.92
14-03-2008 20.41
13-03-2008 20.79
12-03-2008 19.7
11-03-2008 20.25
10-03-2008 19.57
07-03-2008 20.22
06-03-2008 20.8
05-03-2008 19.48
04-03-2008 20.32
03-03-2008 20.16
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
31-03-2008 -
28-03-2008 -
27-03-2008 -
26-03-2008 -
25-03-2008 -
20-03-2008 -
19-03-2008 -
18-03-2008 -
17-03-2008 -
14-03-2008 -
13-03-2008 -
12-03-2008 -
11-03-2008 -
10-03-2008 -
07-03-2008 -
06-03-2008 -
05-03-2008 -
04-03-2008 -
03-03-2008 -
Date(Fix.) ($/OZ)
Average -
31-03-2008 -
28-03-2008 -
27-03-2008 -
26-03-2008 -
25-03-2008 -
20-03-2008 -
19-03-2008 -
18-03-2008 -
17-03-2008 -
14-03-2008 -
13-03-2008 -
12-03-2008 -
11-03-2008 -
10-03-2008 -
07-03-2008 -
06-03-2008 -
05-03-2008 -
04-03-2008 -
03-03-2008 -
Date(Fix.) ($/OZ)
Average 968.64
31-03-2008 933.5
28-03-2008 934.25
27-03-2008 946.75
26-03-2008 946.75
25-03-2008 930.65
20-03-2008 925.75
19-03-2008 958.5
18-03-2008 1006.7
17-03-2008 1011.25
14-03-2008 1003.5
13-03-2008 995
12-03-2008 975.5
11-03-2008 970
10-03-2008 969.25
07-03-2008 972.5
06-03-2008 976.5
05-03-2008 974.5
04-03-2008 984.75
03-03-2008 988.5
Lead
Date(Fix.) ($/MT)
Average 3006.05
31-03-2008 2780
28-03-2008 2872.5
27-03-2008 2752.5
26-03-2008 2745
25-03-2008 2760
20-03-2008 2650
19-03-2008 2820
18-03-2008 2871
17-03-2008 2921
14-03-2008 3111
13-03-2008 3142
12-03-2008 3015
11-03-2008 3050
10-03-2008 3035
07-03-2008 3160
06-03-2008 3380
05-03-2008 3200
04-03-2008 3460
03-03-2008 3390
Zinc
Date(Fix.) ($/MT)
Average 2514.84
31-03-2008 2330
28-03-2008 2325.5
27-03-2008 2280
26-03-2008 2325
25-03-2008 2320
20-03-2008 2260
19-03-2008 2390.5
18-03-2008 2475
17-03-2008 2480.5
14-03-2008 2585
13-03-2008 2636
12-03-2008 2544
11-03-2008 2565
10-03-2008 2540
07-03-2008 2640.5
06-03-2008 2825.5
05-03-2008 2679
04-03-2008 2805.5
03-03-2008 2775
Tin
Date(Fix.) ($/MT)
Average 19825.00
31-03-2008 20600
28-03-2008 20600
27-03-2008 20450
26-03-2008 20300
25-03-2008 20200
20-03-2008 19550
19-03-2008 20605
18-03-2008 20700
17-03-2008 20450
14-03-2008 20800
13-03-2008 19855
12-03-2008 19205
11-03-2008 19200
10-03-2008 18950
07-03-2008 19250
06-03-2008 19200
05-03-2008 18850
04-03-2008 19190
03-03-2008 18720