Monthly Metal Review

Overview

A mid-March EU order that depositors share Cy-prus-banks bailout costs ignited on-island turmoil and wider fears that it could be repeated elsewhere. Global stocks were shaken from multiyear highs, the euro fell and gold rose from a 13.5-percent winter fall as industrial commodities retreated. Copper prices dropped to a four-month low following the Cyprus deal, which investors consider more as a sign of dis-array than a cure.

Global markets were robust earlier on stronger February U.S. housing starts and job gains that dropped unemployment from 7.9 to 7.7 percent. In China, the biggest consumer of industrial metals, ex-ports soared almost 22 percent. But the mining industry faces a diminished Europe.

Undersea mining got a boost in the UK with gov-ernment selection of Seabed Resources UK, owned by Lockheed Martin, to lead undersea-mining efforts in 58,000 square kilometers between Hawaii and Mexico. Seabed said polymetallic nodules four kilometers down contain millions of tons of copper, nickel, cobalt, manganese and rare-earth minerals. China and Russia also have undersea-mining programs.

First Quantum’s Inmet acquisition at the end of the month will bring the company into the league of largest copper producers thanks to its Cobre Panama project. This acquisition could also show the path to an in-crease in mergers among mining companies. Ernst & Young predicts that throughout 2013 senior miners will be looking to divest non-core assets and reduce the risk on projects by entering into joint ventures.

Mexico's government is to introduce a mining policy with possible royalty tariffs. Mexico is the top producer of silver, fifth for lead and molybdenum and ninth for gold. The Philippines lifted its two-year ban on new mining applications, opening access to $850 billion in mineral reserves.

The party set to dominate Greenland's ruling coalition has called for miners to pay higher royalties and hew to labour standards making cheaper-labour imports difficult. Some 2,000 Chinese workers have been flown in to work at a $2.3 billion iron project run by London Mining to supply China. Analysts said the opposition victory was aided by voters' perception that the previous government was too friendly to foreign miners and China.

Copper stocks on the London Metal Exchange were at their highest in a decade, rising to 562,475 tonnes. The LME recorded a 28-percent 2012 reve-nue jump, reflecting establishment of a midyear exchange user fee (EUF).

Quebec's provincial government softened its stance on raising mining royalties. The natural re-sources minister said royalties might vary, depending on how long a mine is exploited. The government had planned 5-percent royalties on gross value of output, with a 30-percent surtax on profits.

Afghanistan's mining minister said a new mining law will conform to international standards and will be passed by Parliament in April. It would allow miners to find and mine under a unified contract, without separate bidding. London is supporting attempts to draw investment for Afghan mining projects.

Daily Prices

March 2013

Copper
Date(Fix.) ($/MT)
Average 7662.90
28-03-2013 7582.5
27-03-2013 7570
26-03-2013 7631
25-03-2013 7602
22-03-2013 7618
21-03-2013 7580
20-03-2013 7574.5
19-03-2013 7539
18-03-2013 7555.5
15-03-2013 7782
14-03-2013 7762
13-03-2013 7777.5
12-03-2013 7815
11-03-2013 7677
08-03-2013 7730
07-03-2013 7671
06-03-2013 7699.5
05-03-2013 7720
04-03-2013 7751
01-03-2013 7620.5
Silver
Date(Fix.) ($/OZ)
Average 28.80
28-03-2013 28.64
27-03-2013 28.33
26-03-2013 28.83
25-03-2013 28.67
22-03-2013 29.06
21-03-2013 28.91
20-03-2013 28.9
19-03-2013 28.85
18-03-2013 28.8
15-03-2013 28.91
14-03-2013 28.64
13-03-2013 29.12
12-03-2013 29.25
11-03-2013 28.9
08-03-2013 28.78
07-03-2013 29.01
06-03-2013 28.74
05-03-2013 28.93
04-03-2013 28.69
01-03-2013 28.01
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1591.01
28-03-2013 1602.5
27-03-2013 1591
26-03-2013 1597.25
25-03-2013 1602.25
22-03-2013 1611.5
21-03-2013 1608.75
20-03-2013 1611.5
19-03-2013 1602.5
18-03-2013 1599.5
15-03-2013 1593.25
14-03-2013 1585
13-03-2013 1591.5
12-03-2013 1582.5
11-03-2013 1577.5
08-03-2013 1577
07-03-2013 1580.5
06-03-2013 1574
05-03-2013 1584.25
04-03-2013 1578
01-03-2013 1570
Date(Fix.) ($/OZ)
Average 1591.94
28-03-2013 1600.375
27-03-2013 1597
26-03-2013 1597.625
25-03-2013 1600.75
22-03-2013 1609.625
21-03-2013 1611.25
20-03-2013 1609.5
19-03-2013 1606.625
18-03-2013 1601.625
15-03-2013 1594.375
14-03-2013 1585.5
13-03-2013 1590.375
12-03-2013 1588.25
11-03-2013 1578.25
08-03-2013 1579.375
07-03-2013 1580
06-03-2013 1574
05-03-2013 1582
04-03-2013 1576.125
01-03-2013 1576.125
Date(Fix.) ($/OZ)
Average 1592.86
28-03-2013 1598.25
27-03-2013 1603
26-03-2013 1598
25-03-2013 1599.25
22-03-2013 1607.75
21-03-2013 1613.75
20-03-2013 1607.5
19-03-2013 1610.75
18-03-2013 1603.75
15-03-2013 1595.5
14-03-2013 1586
13-03-2013 1589.25
12-03-2013 1594
11-03-2013 1579
08-03-2013 1581.75
07-03-2013 1579.5
06-03-2013 1574
05-03-2013 1579.75
04-03-2013 1574.25
01-03-2013 1582.25
Lead
Date(Fix.) ($/MT)
Average 2183.48
28-03-2013 2094
27-03-2013 2089
26-03-2013 2162.5
25-03-2013 2169
22-03-2013 2163.5
21-03-2013 2184
20-03-2013 2163
19-03-2013 2160
18-03-2013 2164.5
15-03-2013 2235
14-03-2013 2235
13-03-2013 2234
12-03-2013 2219
11-03-2013 2171
08-03-2013 2195
07-03-2013 2167
06-03-2013 2202
05-03-2013 2207
04-03-2013 2235
01-03-2013 2220
Zinc
Date(Fix.) ($/MT)
Average 1935.90
28-03-2013 1870.5
27-03-2013 1854
26-03-2013 1912.5
25-03-2013 1909.5
22-03-2013 1913
21-03-2013 1918
20-03-2013 1901
19-03-2013 1888
18-03-2013 1896.5
15-03-2013 1947.5
14-03-2013 1954
13-03-2013 1979
12-03-2013 1975.5
11-03-2013 1916.5
08-03-2013 1970
07-03-2013 1963
06-03-2013 1972
05-03-2013 1984
04-03-2013 1991.5
01-03-2013 2002
Tin
Date(Fix.) ($/MT)
Average 23042.75
28-03-2013 23150
27-03-2013 16670
26-03-2013 22980
25-03-2013 22995
22-03-2013 22750
21-03-2013 22695
20-03-2013 23120
19-03-2013 23300
18-03-2013 23205
15-03-2013 24005
14-03-2013 24000
13-03-2013 23895
12-03-2013 23825
11-03-2013 23605
08-03-2013 23750
07-03-2013 23520
06-03-2013 23470
05-03-2013 23525
04-03-2013 23350
01-03-2013 23045
Nickel
Date(Fix.) ($/MT)
Average 17022.00
28-03-2013 16540
27-03-2013 22555
26-03-2013 16950
25-03-2013 16930
22-03-2013 16830
21-03-2013 16850
20-03-2013 16725
19-03-2013 16610
18-03-2013 16555
15-03-2013 17105
14-03-2013 16985
13-03-2013 17065
12-03-2013 16970
11-03-2013 16650
08-03-2013 16560
07-03-2013 16515
06-03-2013 16575
05-03-2013 16505
04-03-2013 16540
01-03-2013 16425
Cobalt
Date(Fix.) ($/MT)
Average 25525.00
28-03-2013 26000
27-03-2013 25550
26-03-2013 25500
25-03-2013 25500
22-03-2013 25050
21-03-2013 25000
20-03-2013 25750
19-03-2013 25750
18-03-2013 25100
15-03-2013 25500
14-03-2013 25500
13-03-2013 25500
12-03-2013 25500
11-03-2013 25500
08-03-2013 25300
07-03-2013 25500
06-03-2013 25750
05-03-2013 25750
04-03-2013 25750
01-03-2013 25750