Monthly Metal Review

Overview

China reported its best economic data since several months. Factory output rose 10.1 percent on year in November, up from 9.6 percent in October. Retail sales surged 14.9 percent in November on year. The Q3 growth rate was 7.4 percent. Inflation ticked to 3 percent in November from 2.7. HSBC's Purchasing Managers' Index in China rose to its highest levels since May 2011. This neat improvement in the Chinese market sentiment drove copper prices up on the last days of the year.

Following a several-weeks long suspense, the U.S Senate finally voted President Obama's new tax bill. The commodities market welcomed this news very positively, since it puts an end to the "Fiscal Cliff" threats in the U.S for another few months.

Furthermore, The U.S. Federal Reserve will keep interest rates near zero until that country's unem-ployment rate drops below 6.5 percent. Fed chief Ben Bernanke added $45 billion to its monthly $40-billion quantitative-easing purchase of mortgage-backed securities. The U.S. economy grew in Q3 at an unex-pected 3.1 percent annual rate and unemployment fell to a four-year low in November to 7.7 percent.

Japan entered its fifth recession in 15 years, with exports to China down 14.5 per cent in November.

In other recession news, European Central Bank President Mario Draghi said the Eurozone economy should recover in 2013, following an expected 0.5 percent contraction in 2012. Greece bought back $42.4 billion of discounted debt from banks and investors, clearing the way for more aid financed by a $13-billion creditors' loan.

Germany's central bank predicted 0.4 percent eco-nomic growth in 2013, while its June forecast hoped for 1.6 percent. German investor confidence, meas-ured by the Centre for European Economic Research, jumped from November's minus -15.7 to +6.9.

Standard & Poor's revised Britain's AAA credit rating, from stable to negative. Chancellor George Osborne said the government will miss debt-reduction targets and the UK Office for Budget Responsibility cut its 2013 growth forecast from 1.2 percent to 0.1. Osborne announced more austerity measures and said corporate taxes would drop an extra percent by April 2014; from 24 to 21 percent. Austerity is to last until 2018, one year longer than previously proposed.

NYSE Euronext, owner of the New York Stock Exchange, agreed to be sold to the Intercontinental Exchange (ICE) for $8.2 billion. Atlanta-based ICE specializes in trading commodities like energy prod-ucts. Analysts said it especially wanted NYSE Eu-ronext's OTC derivatives-trading business, including Liffe, the European derivatives exchange.

Delivery of court orders to the Registrar of Com-panies for England and Wales completed purchase of the London Metal Exchange (LME) by Hong Kong Exchanges and Clearing (HKEx). LME CEO Martin Abbott and Chairman Sir Brian Bender remain as directors of LME Holdings. HKEx CEO Charles Li, Chow Chung Kong, Romnesh Lamba, and Charles Li join the board of LME Holdings. Ten directors have resigned. HKEx said it would establish a data hub in Shanghai in third quarter 2013, creating a live market feed for information vendors in Mainland China.

Daily Prices

December 2012

Copper
Date(Fix.) ($/MT)
Average 7962.58
31-12-2012 7915
28-12-2012 7870
27-12-2012 7871.5
24-12-2012 7780
21-12-2012 7768.5
20-12-2012 7825.5
19-12-2012 7946
18-12-2012 8005.5
17-12-2012 8001
14-12-2012 8047.5
13-12-2012 8000.5
12-12-2012 8102
11-12-2012 8070
10-12-2012 8111.5
07-12-2012 7965.5
06-12-2012 8020.5
05-12-2012 8022
04-12-2012 7991
03-12-2012 7975.5
Silver
Date(Fix.) ($/OZ)
Average 31.96
31-12-2012 29.95
28-12-2012 30.15
27-12-2012 29.75
24-12-2012 30.19
21-12-2012 29.89
20-12-2012 31.12
19-12-2012 31.37
18-12-2012 32.38
17-12-2012 32.21
14-12-2012 32.69
13-12-2012 32.52
12-12-2012 33.1
11-12-2012 33.17
10-12-2012 33.34
07-12-2012 32.85
06-12-2012 32.83
05-12-2012 33.07
04-12-2012 33.3
03-12-2012 33.42
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1687.34
31-12-2012 1664
28-12-2012 1658.75
27-12-2012 1655.25
24-12-2012 1662.5
21-12-2012 1648.25
20-12-2012 1667
19-12-2012 1674.5
18-12-2012 1699.5
17-12-2012 1690
14-12-2012 1696.5
13-12-2012 1694.75
12-12-2012 1712.5
11-12-2012 1709.75
10-12-2012 1708.5
07-12-2012 1697
06-12-2012 1693
05-12-2012 1703
04-12-2012 1706.75
03-12-2012 1718
Date(Fix.) ($/OZ)
Average 1599.07
31-12-2012 832
28-12-2012 1658.125
27-12-2012 1655.375
24-12-2012 831.25
21-12-2012 1649.875
20-12-2012 1658.75
19-12-2012 1669.75
18-12-2012 1696.75
17-12-2012 1692.875
14-12-2012 1696.375
13-12-2012 1693.75
12-12-2012 1714.375
11-12-2012 1709.875
10-12-2012 1710.5
07-12-2012 1699.25
06-12-2012 1693.625
05-12-2012 1698.5
04-12-2012 1702.25
03-12-2012 1719
Date(Fix.) ($/OZ)
Average 1510.79
31-12-2012 -
28-12-2012 1657.5
27-12-2012 1655.5
24-12-2012 -
21-12-2012 1651.5
20-12-2012 1650.5
19-12-2012 1665
18-12-2012 1694
17-12-2012 1695.75
14-12-2012 1696.25
13-12-2012 1692.75
12-12-2012 1716.25
11-12-2012 1710
10-12-2012 1712.5
07-12-2012 1701.5
06-12-2012 1694.25
05-12-2012 1694
04-12-2012 1697.75
03-12-2012 1720
Lead
Date(Fix.) ($/MT)
Average 2275.50
31-12-2012 2340
28-12-2012 2318
27-12-2012 2311
24-12-2012 2299
21-12-2012 2276
20-12-2012 2312
19-12-2012 2311
18-12-2012 2292.5
17-12-2012 2270
14-12-2012 2293
13-12-2012 2279
12-12-2012 2287
11-12-2012 2279
10-12-2012 2258
07-12-2012 2179
06-12-2012 2224
05-12-2012 2232
04-12-2012 2230
03-12-2012 2244
Zinc
Date(Fix.) ($/MT)
Average 2037.58
31-12-2012 2034.5
28-12-2012 2041
27-12-2012 2062
24-12-2012 2055
21-12-2012 2032
20-12-2012 2031.5
19-12-2012 2049
18-12-2012 2056
17-12-2012 2049.5
14-12-2012 2058.5
13-12-2012 2037.5
12-12-2012 2059
11-12-2012 2056
10-12-2012 2045.5
07-12-2012 1988.5
06-12-2012 2014
05-12-2012 2008.5
04-12-2012 2011.5
03-12-2012 2024.5
Tin
Date(Fix.) ($/MT)
Average 22844.21
31-12-2012 23500
28-12-2012 23210
27-12-2012 23350
24-12-2012 23200
21-12-2012 23350
20-12-2012 23305
19-12-2012 23660
18-12-2012 23450
17-12-2012 23325
14-12-2012 23205
13-12-2012 22900
12-12-2012 23155
11-12-2012 23025
10-12-2012 22375
07-12-2012 21620
06-12-2012 21905
05-12-2012 21870
04-12-2012 21775
03-12-2012 21860
Nickel
Date(Fix.) ($/MT)
Average 17406.58
31-12-2012 17085
28-12-2012 17100
27-12-2012 17230
24-12-2012 17015
21-12-2012 17385
20-12-2012 17525
19-12-2012 17585
18-12-2012 17650
17-12-2012 17555
14-12-2012 17705
13-12-2012 17430
12-12-2012 17760
11-12-2012 17605
10-12-2012 17330
07-12-2012 17025
06-12-2012 17380
05-12-2012 17445
04-12-2012 17315
03-12-2012 17600
Cobalt
Date(Fix.) ($/MT)
Average 24036.84
31-12-2012 25500
28-12-2012 25500
27-12-2012 25000
24-12-2012 25000
21-12-2012 24500
20-12-2012 24700
19-12-2012 24100
18-12-2012 23700
17-12-2012 23700
14-12-2012 23600
13-12-2012 23700
12-12-2012 22500
11-12-2012 23600
10-12-2012 23600
07-12-2012 23600
06-12-2012 23600
05-12-2012 23600
04-12-2012 23600
03-12-2012 23600