Monthly Metal Review

Overview

Led by copper and zinc, commodities fell on concern that global economic recovery could weaken. China experienced slower-than-expected growth and European car sales slid to a 20-year low. China’s trade with the U.S. had surged in first quarter, with March exports up on improved U.S. economic performance. But trade with Europe declined. Still, Freeport-McMoRan's CEO Richard Adkerson expressed confidence in the long-term copper market because of strong fundamentals, including China's needs.

The Democratic Republic of Congo (DRC) banned exports of unrefined copper and cobalt concentrates effective in July. But the governor of Katanga, Congo's copper- and cobalt-mining province, as of yet will not enforce the ban. Governor Moise Katumbi stated that DRC lacks the sufficient electricity that is required for the refining process. The Congo is the largest cobalt producer and has exported 650,000 tonnes of copper in 2012. According to Katumbi 30 percent of that production was concentrate. The DRC has previously tried to ban concentrate exports in 2007 and 2010.

The International Monetary Fund lowered its 2013 world-growth forecast from 3.5 to 3.3 per-cent and predicted 4 -percent 2014 global growth. It predicted 1.9-percent U.S. and 8-percent China 2013 growth. China reported 7.7-percent first quarter expansion; below fourth quarter's 7.9 but above the 7.5-percent target.

German business confidence fell in April as winter weather hindered recovery. The Ifo insti-tute in Munich said its business-climate index dropped to 104.4 from 106.7. Automaker Opel said it will close its Bochum plant by 2015; the first German car-factory closure in decades.

Barrick Gold Corp halted construction of its $8-billion Pascua-Lama gold-silver mine in Chile after a Chilean court ordered suspension to con-sider indigenous-communities' claims that the cross-border project destroys glaciers and harms water supply. Construction continues in Argen-tina, but 80 percent of metal reserves are Chilean. An appeals court upheld suspension.

A Swiss political party gathered enough signatures to force a referendum within five years on barring the Swiss National Bank from selling gold reserves. It would require at least 20 percent of assets in gold. Zambia was poised to force mining companies to deposit earnings from copper and other mineral exports into Zambian banks before moving money offshore.

The Philippine government expects 2013 direct foreign investments in the mining sector of $1 billion and $2 billion in 2014. Mining investments were a reported $500 million last year. Manila lifted a two-year ban on mining applications earlier this year, reopening access to $850 billion in mineral reserves.

Daily Prices

April 2013

Copper
Date(Fix.) ($/MT)
Average 7203.36
30-04-2013 7073.5
29-04-2013 7079
26-04-2013 7054.5
25-04-2013 7035
24-04-2013 6935.5
23-04-2013 6811
22-04-2013 6875.5
19-04-2013 6975
18-04-2013 6962.5
17-04-2013 7067
16-04-2013 7219
15-04-2013 7120.5
12-04-2013 7510
11-04-2013 7510
10-04-2013 7547
09-04-2013 7485.5
08-04-2013 7457.5
05-04-2013 7376
04-04-2013 7336.5
03-04-2013 7405.5
02-04-2013 7434.5
Silver
Date(Fix.) ($/OZ)
Average 25.20
30-04-2013 24.42
29-04-2013 24.27
26-04-2013 24.02
25-04-2013 23.3
24-04-2013 22.91
23-04-2013 23.01
22-04-2013 23.6
19-04-2013 23.66
18-04-2013 23.51
17-04-2013 23.31
16-04-2013 23.47
15-04-2013 23.54
12-04-2013 27.4
11-04-2013 27.57
10-04-2013 27.74
09-04-2013 27.25
08-04-2013 27.27
05-04-2013 26.97
04-04-2013 26.8
03-04-2013 27.19
02-04-2013 27.96
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1485.90
30-04-2013 1472.75
29-04-2013 1472.5
26-04-2013 1462.25
25-04-2013 1446.5
24-04-2013 1424.5
23-04-2013 1417.25
22-04-2013 1425
19-04-2013 1414
18-04-2013 1397
17-04-2013 1379
16-04-2013 1378
15-04-2013 1416
12-04-2013 1548
11-04-2013 1555.75
10-04-2013 1581.5
09-04-2013 1572.5
08-04-2013 1577.25
05-04-2013 1552.75
04-04-2013 1545.25
03-04-2013 1568.5
02-04-2013 1597.75
Date(Fix.) ($/OZ)
Average 1485.49
30-04-2013 1470.875
29-04-2013 1470
26-04-2013 1466.875
25-04-2013 1448.75
24-04-2013 1426.5
23-04-2013 1412.625
22-04-2013 1424.75
19-04-2013 1409.75
18-04-2013 1395.375
17-04-2013 1385.5
16-04-2013 1379
15-04-2013 1405.5
12-04-2013 1541.75
11-04-2013 1560.375
10-04-2013 1578.25
09-04-2013 1574.875
08-04-2013 1576.125
05-04-2013 1560.375
04-04-2013 1545.875
03-04-2013 1571.625
02-04-2013 1590.625
Date(Fix.) ($/OZ)
Average 1485.08
30-04-2013 1469
29-04-2013 1467.5
26-04-2013 1471.5
25-04-2013 1451
24-04-2013 1428.5
23-04-2013 1408
22-04-2013 1424.5
19-04-2013 1405.5
18-04-2013 1393.75
17-04-2013 1392
16-04-2013 1380
15-04-2013 1395
12-04-2013 1535.5
11-04-2013 1565
10-04-2013 1575
09-04-2013 1577.25
08-04-2013 1575
05-04-2013 1568
04-04-2013 1546.5
03-04-2013 1574.75
02-04-2013 1583.5
Lead
Date(Fix.) ($/MT)
Average 2030.26
30-04-2013 2019
29-04-2013 2021
26-04-2013 2037
25-04-2013 2041
24-04-2013 2009.5
23-04-2013 1990
22-04-2013 1997.5
19-04-2013 2008.5
18-04-2013 1997.5
17-04-2013 2013
16-04-2013 2038
15-04-2013 1982.5
12-04-2013 2047
11-04-2013 2061.5
10-04-2013 2088
09-04-2013 2049
08-04-2013 2038
05-04-2013 2042.5
04-04-2013 2037.5
03-04-2013 2039.5
02-04-2013 2078
Zinc
Date(Fix.) ($/MT)
Average 1852.90
30-04-2013 1854
29-04-2013 1862
26-04-2013 1887
25-04-2013 1882
24-04-2013 1861
23-04-2013 1829.5
22-04-2013 1836.5
19-04-2013 1857.5
18-04-2013 1841.5
17-04-2013 1835.5
16-04-2013 1861
15-04-2013 1813.5
12-04-2013 1843.5
11-04-2013 1855
10-04-2013 1892
09-04-2013 1877
08-04-2013 1861
05-04-2013 1848
04-04-2013 1836
03-04-2013 1834
02-04-2013 1843.5
Tin
Date(Fix.) ($/MT)
Average 21694.05
30-04-2013 20800
29-04-2013 20775
26-04-2013 20775
25-04-2013 20830
24-04-2013 20855
23-04-2013 20650
22-04-2013 20720
19-04-2013 21000
18-04-2013 20305
17-04-2013 20700
16-04-2013 21275
15-04-2013 21250
12-04-2013 22780
11-04-2013 22750
10-04-2013 23000
09-04-2013 22875
08-04-2013 23000
05-04-2013 22725
04-04-2013 22740
03-04-2013 22775
02-04-2013 22995
Nickel
Date(Fix.) ($/MT)
Average 15637.62
30-04-2013 15255
29-04-2013 15285
26-04-2013 15280
25-04-2013 15135
24-04-2013 15205
23-04-2013 15085
22-04-2013 15180
19-04-2013 15230
18-04-2013 15390
17-04-2013 15350
16-04-2013 15730
15-04-2013 15455
12-04-2013 15950
11-04-2013 15955
10-04-2013 16150
09-04-2013 16070
08-04-2013 16135
05-04-2013 15930
04-04-2013 16040
03-04-2013 16190
02-04-2013 16390
Cobalt
Date(Fix.) ($/MT)
Average 26203.10
30-04-2013 28000
29-04-2013 27000
26-04-2013 27500
25-04-2013 27500
24-04-2013 27500
23-04-2013 27000
22-04-2013 26900
19-04-2013 27500
18-04-2013 25900
17-04-2013 25900
16-04-2013 26000
15-04-2013 25605
12-04-2013 25600
11-04-2013 25300
10-04-2013 25600
09-04-2013 25600
08-04-2013 25150
05-04-2013 25300
04-04-2013 25300
03-04-2013 25010
02-04-2013 25100