Monthly Metal Review

Overview

October 2008 will go into the record books as a historical month with regard to the collapse in base metals prices which plunged by an average of 31% from the end of September, with unprecedented levels of volatility.
The fear and uncertainty that has stemmed from the global financial crisis has resulted in metal consumers around the world curtailing or halting buying, and stocks are being drawn down throughout the supply chain, while production cuts are being initiated. The USGS primary metals leading index in September 2008 fell 7.8% year on year to 138.9. The PMI made the largest negative contribution to the overall decrease in the primary metals leading index.
It is well below the threshold that denotes a decrease in future manufacturing activity. The US Institute of Supply Management’s PMI for manufacturing industries in September slipped to 43.5 from 49.9 points in August. Overall the Eurozone PMI fell from 47.6 in August to 45 in September, its lowest level since December 2001. However, in the US, the $700 billion bailout plan has eventually been passed, followed by other bailouts spreading worldwide. Meanwhile, central banks over the world have been reducing their interest rates. In the US, home re-sales rose 5.5% in September to an annual pace of 5.18 millions, according to the National Association of Realtors. In the oil market, OPEC announced that it would cut its production by 1.5 millions of barrels per day, in an effort to slow down the fall in oil prices.
For the third time in just a month and a half, China has cut interest rates by 27bp for both loans and deposits of one-year maturity. However, retail activity in China is up 23% year to date, exports are still running nearly 22% above a year ago and fixed asset investment growth is on track to top 25% for the sixth year in a row.
In addition, the country has announced that it intends to spend massively to fix the damage caused by the winter storms and earthquakes earlier this year and proposed fiscal measures aimed at boosting the property market.

Daily Prices

October 2008

Copper
Date(Fix.) ($/MT)
Average 4925.70
31-10-2008 3995
30-10-2008 4497
29-10-2008 4420.5
28-10-2008 4129
27-10-2008 3686
24-10-2008 3721
23-10-2008 3986
22-10-2008 4286
21-10-2008 4490
20-10-2008 4875.5
17-10-2008 4701
16-10-2008 4880
15-10-2008 5126
14-10-2008 5555
13-10-2008 5031
10-10-2008 5000
09-10-2008 5402
08-10-2008 5505
07-10-2008 5739
06-10-2008 5706
03-10-2008 5960
02-10-2008 6221
01-10-2008 6379
Silver
Date(Fix.) ($/OZ)
Average 10.44
31-10-2008 9.28
30-10-2008 10.02
29-10-2008 9.38
28-10-2008 9.09
27-10-2008 9.01
24-10-2008 8.88
23-10-2008 9.34
22-10-2008 9.86
21-10-2008 9.86
20-10-2008 9.79
17-10-2008 9.56
16-10-2008 9.99
15-10-2008 10.92
14-10-2008 10.89
13-10-2008 10.61
10-10-2008 11.74
09-10-2008 11.64
08-10-2008 11.65
07-10-2008 11.64
06-10-2008 11.2
03-10-2008 11.2
02-10-2008 12.25
01-10-2008 12.28
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
31-10-2008 -
30-10-2008 -
29-10-2008 -
28-10-2008 -
27-10-2008 -
24-10-2008 -
23-10-2008 -
22-10-2008 -
21-10-2008 -
20-10-2008 -
17-10-2008 -
16-10-2008 -
15-10-2008 -
14-10-2008 -
13-10-2008 -
10-10-2008 -
09-10-2008 -
08-10-2008 -
07-10-2008 -
06-10-2008 -
03-10-2008 -
02-10-2008 -
01-10-2008 -
Date(Fix.) ($/OZ)
Average -
31-10-2008 -
30-10-2008 -
29-10-2008 -
28-10-2008 -
27-10-2008 -
24-10-2008 -
23-10-2008 -
22-10-2008 -
21-10-2008 -
20-10-2008 -
17-10-2008 -
16-10-2008 -
15-10-2008 -
14-10-2008 -
13-10-2008 -
10-10-2008 -
09-10-2008 -
08-10-2008 -
07-10-2008 -
06-10-2008 -
03-10-2008 -
02-10-2008 -
01-10-2008 -
Date(Fix.) ($/OZ)
Average 809.84
31-10-2008 730.75
30-10-2008 755.25
29-10-2008 764
28-10-2008 730.5
27-10-2008 730.5
24-10-2008 712.5
23-10-2008 720
22-10-2008 744
21-10-2008 772
20-10-2008 795
17-10-2008 784.5
16-10-2008 802.5
15-10-2008 847
14-10-2008 832.5
13-10-2008 900.5
10-10-2008 900.5
09-10-2008 883.5
08-10-2008 903.5
07-10-2008 881.75
06-10-2008 875.5
03-10-2008 828
02-10-2008 852
01-10-2008 880
Lead
Date(Fix.) ($/MT)
Average 1480.11
31-10-2008 1469
30-10-2008 1520.5
29-10-2008 1531
28-10-2008 1445
27-10-2008 1206
24-10-2008 1140
23-10-2008 1150.5
22-10-2008 1240
21-10-2008 1336
20-10-2008 1407
17-10-2008 1326
16-10-2008 1440
15-10-2008 1512
14-10-2008 1615
13-10-2008 1518
10-10-2008 1484
09-10-2008 1605
08-10-2008 1605
07-10-2008 1650.5
06-10-2008 1615
03-10-2008 1681
02-10-2008 1740
01-10-2008 1806
Zinc
Date(Fix.) ($/MT)
Average 1302.11
31-10-2008 1091
30-10-2008 1166
29-10-2008 1186.5
28-10-2008 1146.5
27-10-2008 1076.5
24-10-2008 1062.5
23-10-2008 1062
22-10-2008 1125
21-10-2008 1135.5
20-10-2008 1181
17-10-2008 1115.5
16-10-2008 1203.5
15-10-2008 1317
14-10-2008 1442
13-10-2008 1442
10-10-2008 1336
09-10-2008 1460
08-10-2008 1508
07-10-2008 1516
06-10-2008 1521
03-10-2008 1563
02-10-2008 1645
01-10-2008 1647
Tin
Date(Fix.) ($/MT)
Average 14401.74
31-10-2008 13860
30-10-2008 14700
29-10-2008 15205
28-10-2008 15000
27-10-2008 12460
24-10-2008 11350
23-10-2008 11580
22-10-2008 12000
21-10-2008 11960
20-10-2008 13260
17-10-2008 13300
16-10-2008 13855
15-10-2008 14010
14-10-2008 14860
13-10-2008 14300
10-10-2008 13800
09-10-2008 15000
08-10-2008 15525
07-10-2008 16300
06-10-2008 16660
03-10-2008 16950
02-10-2008 17655
01-10-2008 17650