Monthly Metal Review

Overview

The drop in oil prices has weighed across base metals and gold. Renewed fears about the health of the global financial system and the outlook for economic growth has prompted many hedge funds and short-term momentum players to cut back on their commodities exposures.
Gold prices rose to a four-month high of US$ 987.75 an ounce, however they lost ground then due to the retreat for oil. After reaching a high for the year of US$ 3,460 a ton in early March, lead prices fell 55.5 percent to a low of US$ 1,540 a ton in early July.
Lead prices have rallied 36 percent since then and sentiment appears to have become more favourable. Lead rose to US$ 2,265 a ton lately helped by hedge funds closing out short positions. Nickel slipped below US$ 20,000 a ton on weak demand. In the US, the Commerce Department said sales of new homes fell 0.6 percent to a seasonally adjusted annual rate of 530,000 in June while according to the National Association of Realtors, existing home sales tumbled by 2.6 percent from an annual rate of 4.99m units in May to 4.86m units in June. The European Central Bank lifted on July 3rd its main interest rate by a quarter percentage point to 4.25 percent, as a sign to bring inflation back under control.
Eurozone inflation hit 4 percent in June on an annual basis, twice as high as the ECB’s inflation target, according to Eurostat. In the Eurozone, industrial production fell by 1.9 percent in May, according to Eurostat. This is the biggest monthly drop for almost 16 years. Production of durable consumer goods dropped by 3.3 percent in May. China’s economy grew 10.1 percent in the second quarter, down from 10.6 percent in the first quarter.
The growth rate slowed because of weaker export markets and restrictions on lending. In Japan, exports in June shrank 1.7 percent year on year for the first time in nearly five years.

Daily Prices

July 2008

Copper
Date(Fix.) ($/MT)
Average 8414.04
31-07-2008 8260.5
30-07-2008 8055
29-07-2008 8096
28-07-2008 8190
25-07-2008 8160
24-07-2008 8259.5
23-07-2008 8310
22-07-2008 8441
21-07-2008 8390
18-07-2008 8324
17-07-2008 8301
16-07-2008 8291
15-07-2008 8475.5
14-07-2008 8480
11-07-2008 8499
10-07-2008 8423
09-07-2008 8355
08-07-2008 8540
07-07-2008 8565
04-07-2008 8661
03-07-2008 8985
02-07-2008 8750.5
01-07-2008 8711
Silver
Date(Fix.) ($/OZ)
Average 18.03
31-07-2008 17.48
30-07-2008 17.12
29-07-2008 17.42
28-07-2008 17.47
25-07-2008 17.55
24-07-2008 17.52
23-07-2008 17.59
22-07-2008 18.6
21-07-2008 18.35
18-07-2008 18.55
17-07-2008 18.67
16-07-2008 18.83
15-07-2008 19.3
14-07-2008 18.69
11-07-2008 18.38
10-07-2008 18.17
09-07-2008 17.82
08-07-2008 17.62
07-07-2008 17.85
04-07-2008 18.01
03-07-2008 18.31
02-07-2008 17.92
01-07-2008 17.56
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
31-07-2008 -
30-07-2008 -
29-07-2008 -
28-07-2008 -
25-07-2008 -
24-07-2008 -
23-07-2008 -
22-07-2008 -
21-07-2008 -
18-07-2008 -
17-07-2008 -
16-07-2008 -
15-07-2008 -
14-07-2008 -
11-07-2008 -
10-07-2008 -
09-07-2008 -
08-07-2008 -
07-07-2008 -
04-07-2008 -
03-07-2008 -
02-07-2008 -
01-07-2008 -
Date(Fix.) ($/OZ)
Average -
31-07-2008 -
30-07-2008 -
29-07-2008 -
28-07-2008 -
25-07-2008 -
24-07-2008 -
23-07-2008 -
22-07-2008 -
21-07-2008 -
18-07-2008 -
17-07-2008 -
16-07-2008 -
15-07-2008 -
14-07-2008 -
11-07-2008 -
10-07-2008 -
09-07-2008 -
08-07-2008 -
07-07-2008 -
04-07-2008 -
03-07-2008 -
02-07-2008 -
01-07-2008 -
Date(Fix.) ($/OZ)
Average 939.80
31-07-2008 918
30-07-2008 897.5
29-07-2008 916.75
28-07-2008 923.5
25-07-2008 920.5
24-07-2008 928
23-07-2008 926.5
22-07-2008 961.5
21-07-2008 960.5
18-07-2008 959.75
17-07-2008 965.5
16-07-2008 977.5
15-07-2008 986
14-07-2008 968
11-07-2008 962.75
10-07-2008 939.5
09-07-2008 927.25
08-07-2008 921
07-07-2008 916.75
04-07-2008 931.25
03-07-2008 934
02-07-2008 936
01-07-2008 937.5
Lead
Date(Fix.) ($/MT)
Average 1944.91
31-07-2008 2230
30-07-2008 2241
29-07-2008 2245
28-07-2008 2181
25-07-2008 2145
24-07-2008 2185
23-07-2008 2134
22-07-2008 2159.5
21-07-2008 2035.5
18-07-2008 1946
17-07-2008 1941
16-07-2008 1896
15-07-2008 1968.5
14-07-2008 1946
11-07-2008 2005.5
10-07-2008 1902
09-07-2008 1707
08-07-2008 1652
07-07-2008 1564.5
04-07-2008 1546.5
03-07-2008 1621
02-07-2008 1720
01-07-2008 1761
Zinc
Date(Fix.) ($/MT)
Average 1852.37
31-07-2008 1906.5
30-07-2008 1863
29-07-2008 1865
28-07-2008 1815.5
25-07-2008 1825.5
24-07-2008 1891.5
23-07-2008 1885.5
22-07-2008 1885.5
21-07-2008 1821.5
18-07-2008 1790.5
17-07-2008 1792
16-07-2008 1760.5
15-07-2008 1910
14-07-2008 1975.5
11-07-2008 2024
10-07-2008 1921
09-07-2008 1798.5
08-07-2008 1803
07-07-2008 1777
04-07-2008 1740
03-07-2008 1798
02-07-2008 1860.5
01-07-2008 1894.5
Tin
Date(Fix.) ($/MT)
Average 23139.35
31-07-2008 22535
30-07-2008 22350
29-07-2008 22510
28-07-2008 22550
25-07-2008 22375
24-07-2008 22900
23-07-2008 23395
22-07-2008 23525
21-07-2008 23305
18-07-2008 23420
17-07-2008 23510
16-07-2008 23205
15-07-2008 24100
14-07-2008 23590
11-07-2008 23325
10-07-2008 23200
09-07-2008 23095
08-07-2008 23130
07-07-2008 23375
04-07-2008 22545
03-07-2008 23075
02-07-2008 23700
01-07-2008 23490