Monthly Metal Review

Overview

On November 6th U.S. President Barack Obama trounced Republican Mitt Romney to win another four-year term. Even though the president and his staff must now engineer deficit reductions before a year-end "financial cliff" deadline, data shows that the U.S. has experienced the strongest improvement in manufacturing conditions over the past five months. This news along with positive signs from both the U.S. housing market and the Chinese economy have strengthened non-ferrous metals prices on the London Metal Exchange in the second half of November.

November's HSBC China manufacturing Purchasing Managers' Index, PMI, rose 49.5 to 50.4; above the 50 expansion mark and marked a third consecutive increase. October vehicle sales gained 3 percent YoY in China, where the Communist Party Congress introduced new leaders, headed by party chief Xi Jinping. Analysts said Xi needs at least two years to strengthen his position.

The eurozone returned to recession. Composite PMI inched from 45.7 to 45.8 with November consumer confidence at a 42-month low. German Chancellor Angela Merkel said the crisis could last another five years. Germany's GDP rose 0.2 percent from Q2, when it gained 0.3 percent. Q3 French GDP rose 0.2 percent. The Bank of England said Britain faces weak recovery and high inflation, cutting 2013's growth forecast from 1.8 to 1.2 percent. Hitachi expects to create 18,000 UK jobs during multi-year building of British nuclear-power plants.

Pressured Deutsche Bank is sacking 2,000 em-ployees. UBS, with a $2.34-billion Q3 loss, is to shed 10,000. ING, with Q3 profit down 64 percent, will trim 2,350. China's sovereign wealth fund paid $727 million for a 10 percent stake in London's Heathrow airport.

Japan's economic growth slowed to an annualized 3.5 percent rate leading to September, wounded by declines in exports to Europe and China.

The Greek parliament imposed more wage, pension and job cuts as the price of EU aid. Anti-government, anti-immigrant parties are reported growing. Cypress is in line for an EU/IMF bailout.

LME CEO Martin Abbott said regulatory approval of the LME's sale to Hong Kong Exchanges and Clearing was on track for December.

Proposed London Metal Exchange rules changes would require owners of LME-monitored ware-houses to increase load-out rates. The changes follow an LME review and European Commission interest in steep surcharges and extended wait times to withdraw metal. Rules could take effect April 1, forcing warehouses with 30,000 tonnes of a metal in queue to deliver out an additional 500 tonnes of other metals daily. Tin and nickel rules already require at least 60 tonnes delivered out daily. Barclays dropped LME open-outcry floor trading, downgrading to less-expensive electronic- and phone-trading membership.

Daily Prices

November 2012

Copper
Date(Fix.) ($/MT)
Average 7694.20
30-11-2012 7949
29-11-2012 7850
28-11-2012 7720
27-11-2012 7796
26-11-2012 7770.5
23-11-2012 7676
22-11-2012 7716
21-11-2012 7705
20-11-2012 7731
19-11-2012 7670.5
16-11-2012 7573
15-11-2012 7605.5
14-11-2012 7635
13-11-2012 7606.5
12-11-2012 7626.5
09-11-2012 7540.5
08-11-2012 7605.5
07-11-2012 7654.5
06-11-2012 7661
05-11-2012 7604
02-11-2012 7765.5
01-11-2012 7811
Silver
Date(Fix.) ($/OZ)
Average 32.77
30-11-2012 34.28
29-11-2012 33.76
28-11-2012 33.85
27-11-2012 34.05
26-11-2012 34.08
23-11-2012 33.41
22-11-2012 33.29
21-11-2012 33.01
20-11-2012 33.19
19-11-2012 32.67
16-11-2012 32.27
15-11-2012 32.57
14-11-2012 32.48
13-11-2012 32.58
12-11-2012 32.63
09-11-2012 32.16
08-11-2012 31.7
07-11-2012 32.14
06-11-2012 31.4
05-11-2012 30.91
02-11-2012 31.92
01-11-2012 32.66
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1724.36
30-11-2012 1728.25
29-11-2012 1724.5
28-11-2012 1741
27-11-2012 1747.25
26-11-2012 1747.25
23-11-2012 1734.75
22-11-2012 1729.75
21-11-2012 1726.75
20-11-2012 1734
19-11-2012 1723.25
16-11-2012 1710
15-11-2012 1723.5
14-11-2012 1724.5
13-11-2012 1724.75
12-11-2012 1735.75
09-11-2012 1732.75
08-11-2012 1715
07-11-2012 1730.5
06-11-2012 1691.75
05-11-2012 1679
02-11-2012 1708.25
01-11-2012 1723.5
Date(Fix.) ($/OZ)
Average 1722.75
30-11-2012 1727.125
29-11-2012 1724.75
28-11-2012 1724.5
27-11-2012 1746.75
26-11-2012 1748.875
23-11-2012 1734.625
22-11-2012 1730.375
21-11-2012 1725.375
20-11-2012 1733.125
19-11-2012 1726.875
16-11-2012 1711.75
15-11-2012 1716.75
14-11-2012 1725.125
13-11-2012 1725.5
12-11-2012 1735.5
09-11-2012 1735.5
08-11-2012 1716
07-11-2012 1722.875
06-11-2012 1691.375
05-11-2012 1681.25
02-11-2012 1696.625
01-11-2012 1719.875
Date(Fix.) ($/OZ)
Average 1721.14
30-11-2012 1726
29-11-2012 1725
28-11-2012 1708
27-11-2012 1746.25
26-11-2012 1750.5
23-11-2012 1734.5
22-11-2012 1731
21-11-2012 1724
20-11-2012 1732.25
19-11-2012 1730.5
16-11-2012 1713.5
15-11-2012 1710
14-11-2012 1725.75
13-11-2012 1726.25
12-11-2012 1735.25
09-11-2012 1738.25
08-11-2012 1717
07-11-2012 1715.25
06-11-2012 1691
05-11-2012 1683.5
02-11-2012 1685
01-11-2012 1716.25
Lead
Date(Fix.) ($/MT)
Average 2179.48
30-11-2012 2254.5
29-11-2012 2239
28-11-2012 2188
27-11-2012 2198.5
26-11-2012 2201
23-11-2012 2170
22-11-2012 2166
21-11-2012 2147
20-11-2012 2187
19-11-2012 2174.5
16-11-2012 2180
15-11-2012 2188
14-11-2012 2188
13-11-2012 2163.5
12-11-2012 2180
09-11-2012 2180
08-11-2012 2203
07-11-2012 2203
06-11-2012 2170
05-11-2012 2096.5
02-11-2012 2148
01-11-2012 2123
Zinc
Date(Fix.) ($/MT)
Average 1904.30
30-11-2012 2028
29-11-2012 2006
28-11-2012 1957
27-11-2012 1971.5
26-11-2012 1967.5
23-11-2012 1915.5
22-11-2012 1898
21-11-2012 1895
20-11-2012 1903
19-11-2012 1892
16-11-2012 1895.5
15-11-2012 1907
14-11-2012 1921.5
13-11-2012 1892.5
12-11-2012 1873
09-11-2012 1860
08-11-2012 1888.5
07-11-2012 1870.5
06-11-2012 1842
05-11-2012 1814
02-11-2012 1851
01-11-2012 1845.5
Tin
Date(Fix.) ($/MT)
Average 20700.23
30-11-2012 21800
29-11-2012 21610
28-11-2012 21245
27-11-2012 21135
26-11-2012 20825
23-11-2012 20595
22-11-2012 20575
21-11-2012 20630
20-11-2012 20930
19-11-2012 20575
16-11-2012 20550
15-11-2012 20410
14-11-2012 20600
13-11-2012 20380
12-11-2012 20475
09-11-2012 20245
08-11-2012 20550
07-11-2012 20600
06-11-2012 20750
05-11-2012 20175
02-11-2012 20300
01-11-2012 20450
Nickel
Date(Fix.) ($/MT)
Average 16297.50
30-11-2012 17100
29-11-2012 17225
28-11-2012 16900
27-11-2012 16670
26-11-2012 16675
23-11-2012 16530
22-11-2012 16685
21-11-2012 16510
20-11-2012 16335
19-11-2012 16060
16-11-2012 15880
15-11-2012 16015
14-11-2012 15985
13-11-2012 15910
12-11-2012 15930
09-11-2012 15890
08-11-2012 15960
07-11-2012 16000
06-11-2012 15975
05-11-2012 15850
02-11-2012 16150
01-11-2012 16310
Cobalt
Date(Fix.) ($/MT)
Average 23518.18
30-11-2012 22600
29-11-2012 22700
28-11-2012 22700
27-11-2012 22600
26-11-2012 22600
23-11-2012 22600
22-11-2012 22700
21-11-2012 22700
20-11-2012 23500
19-11-2012 23100
16-11-2012 23100
15-11-2012 23100
14-11-2012 22700
13-11-2012 24000
12-11-2012 24000
09-11-2012 23500
08-11-2012 23800
07-11-2012 24600
06-11-2012 25000
05-11-2012 25000
02-11-2012 25300
01-11-2012 25500