Monthly Metal Review

Overview

Gold plunged more than 4 percent down to $1,223.54 an ounce, a far cry from its 2011 September recorded high of $1920.30 an ounce. Other commodity prices slid with equities and bonds, after the U.S. Federal Reserve signalled consideration of a phased reduction of its $85-billion-monthly monetary-stimulus programme. Analysts blamed fears of higher interest rates and concerns about poor China Purchasing Managers Index (PMI) data and a spike in China’s interbank lending rates.

China's factory activity settled to a nine-month low in June as demand faltered, helping push copper to a 20-month low of $6’637.5 per tonne. The HSBC flash PMI fell to 48.3 from May's 49.2. The survey also saw fewer new orders. Analysts said Beijing would tolerate short-term pain to contain financial risks and secure sustainable long-term growth.

Brazil’s proposed a mining-code update could double the top royalty rate and set stricter rules for new mines. However it was reported the top proposed rate at just one-third the basic rate charged by Australian states. The bill does not include a windfall profits tax, a measure that prompted Canada’s Kinross Gold to abandon a project in Ecuador.

Hong Kong Exchanges & Clearing (HKEx) wants a replacement for resigning London Metal Exchange (LME) CEO Martin Abbott in the next three months, said HKEx executive Romnesh Lamba. Abbott became CEO in 2006 and saw yearly turnover increase from 2005’s $4.5 trillion to $14.5 trillion. He guided December’s $2.2-billion sale of the LME to HKEx. His early June resignation announcement said he would stay until year’s end.

Freeport McMoRan slowly resumed open-pit mining at its Grasberg copper-gold complex after an Indonesia investigation and more than a month after a training-tunnel collapse.

China’s stockpiling agency used lower prices to buy base metals on the international market for the first time since 2009. The State Reserves Bureau bought some 30,000 tonnes of nickel, equivalent to one-sixth the stocks in LME warehouses.

The London Metal Exchange approved Taiwan’s Kaohsiung port as a new delivery loca-tion; its ninth in Asia. LME-approved warehouses there will be able to accept all major traded non-ferrous metals contracts.

The World Bank lowered its 2013 global economic-growth forecast from January’s 2.4-percent projection to 2.2 percent. It predicted 2014 global growth of 3 percent. Germany's central bank trimmed its 2013 growth forecast from 0.4 percent to 0.3 percent, but said Ger-many’s economy is slowly gaining as the world economy gains momentum. The June Ifo business-confidence index, ticked higher for a second month, rising to 105.9 from May’s 105.7.

At June’s Group of Eight (G8) economic summit, the UK, Germany, Canada, France, Russia, U.S., Italy, and Japan pledged closer scrutiny of mining companies’ payments to governments. To counter tax evasion and money laundering, they called for land-transaction transparency, legitimate minerals sourcing, and disclosure of true ownership. Canada said resource companies there would be required to disclose all payments to foreign and domestic governments.

Daily Prices

June 2013

Copper
Date(Fix.) ($/MT)
Average 7004.05
28-06-2013 6750.5
27-06-2013 6705.5
26-06-2013 6685.5
25-06-2013 6726.5
24-06-2013 6637.5
21-06-2013 6777
20-06-2013 6808
19-06-2013 6972.5
18-06-2013 6970.5
17-06-2013 7020.5
14-06-2013 7045
13-06-2013 7057.5
12-06-2013 7086
11-06-2013 7036
10-06-2013 7120
07-06-2013 7282
06-06-2013 7311
05-06-2013 7421.5
04-06-2013 7337.5
03-06-2013 7330.5
Silver
Date(Fix.) ($/OZ)
Average 21.11
28-06-2013 18.86
27-06-2013 18.61
26-06-2013 18.67
25-06-2013 19.77
24-06-2013 19.65
21-06-2013 19.87
20-06-2013 20.24
19-06-2013 21.62
18-06-2013 21.8
17-06-2013 21.87
14-06-2013 21.69
13-06-2013 21.83
12-06-2013 21.78
11-06-2013 21.58
10-06-2013 21.81
07-06-2013 22.6
06-06-2013 22.62
05-06-2013 22.37
04-06-2013 22.51
03-06-2013 22.43
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1342.70
28-06-2013 1203.25
27-06-2013 1232
26-06-2013 1229
25-06-2013 1285
24-06-2013 1283.25
21-06-2013 1290.25
20-06-2013 1303.25
19-06-2013 1366
18-06-2013 1378.5
17-06-2013 1386
14-06-2013 1379.75
13-06-2013 1386.25
12-06-2013 1377.25
11-06-2013 1369.5
10-06-2013 1376.75
07-06-2013 1410
06-06-2013 1399.5
05-06-2013 1396.5
04-06-2013 1405.25
03-06-2013 1396.75
Date(Fix.) ($/OZ)
Average 1342.53
28-06-2013 1197.625
27-06-2013 1232.375
26-06-2013 1232.625
25-06-2013 1282
24-06-2013 1285
21-06-2013 1292.75
20-06-2013 1297.875
19-06-2013 1369.375
18-06-2013 1372.625
17-06-2013 1385.375
14-06-2013 1385.5
13-06-2013 1385.625
12-06-2013 1380
11-06-2013 1371.875
10-06-2013 1380
07-06-2013 1398
06-06-2013 1399.75
05-06-2013 1400.25
04-06-2013 1402.375
03-06-2013 1399.625
Date(Fix.) ($/OZ)
Average 1342.36
28-06-2013 1192
27-06-2013 1232.75
26-06-2013 1236.25
25-06-2013 1279
24-06-2013 1286.75
21-06-2013 1295.25
20-06-2013 1292.5
19-06-2013 1372.75
18-06-2013 1366.75
17-06-2013 1384.75
14-06-2013 1391.25
13-06-2013 1385
12-06-2013 1382.75
11-06-2013 1374.25
10-06-2013 1383.25
07-06-2013 1386
06-06-2013 1400
05-06-2013 1404
04-06-2013 1399.5
03-06-2013 1402.5
Lead
Date(Fix.) ($/MT)
Average 2103.83
28-06-2013 2058
27-06-2013 2038
26-06-2013 2032
25-06-2013 2023
24-06-2013 1996
21-06-2013 2017
20-06-2013 2009
19-06-2013 2082
18-06-2013 2076
17-06-2013 2099.5
14-06-2013 2100
13-06-2013 2092
12-06-2013 2133
11-06-2013 2129
10-06-2013 2123
07-06-2013 2188
06-06-2013 2205.5
05-06-2013 2246.5
04-06-2013 2219
03-06-2013 2210
Zinc
Date(Fix.) ($/MT)
Average 1839.23
28-06-2013 1823
27-06-2013 1808
26-06-2013 1801
25-06-2013 1805
24-06-2013 1784
21-06-2013 1809
20-06-2013 1795
19-06-2013 1835
18-06-2013 1817
17-06-2013 1816
14-06-2013 1818
13-06-2013 1815.5
12-06-2013 1833
11-06-2013 1833
10-06-2013 1849.5
07-06-2013 1903.5
06-06-2013 1895.5
05-06-2013 1925
04-06-2013 1912
03-06-2013 1906.5
Tin
Date(Fix.) ($/MT)
Average 20266.00
28-06-2013 19800
27-06-2013 19700
26-06-2013 19700
25-06-2013 19725
24-06-2013 19545
21-06-2013 19515
20-06-2013 19445
19-06-2013 20050
18-06-2013 20140
17-06-2013 20300
14-06-2013 20250
13-06-2013 20255
12-06-2013 20445
11-06-2013 20600
10-06-2013 20845
07-06-2013 20980
06-06-2013 20900
05-06-2013 21100
04-06-2013 21025
03-06-2013 21000
Nickel
Date(Fix.) ($/MT)
Average 14270.50
28-06-2013 13680
27-06-2013 13620
26-06-2013 13560
25-06-2013 13865
24-06-2013 13650
21-06-2013 13780
20-06-2013 13745
19-06-2013 14010
18-06-2013 14025
17-06-2013 14085
14-06-2013 14230
13-06-2013 14030
12-06-2013 14385
11-06-2013 14495
10-06-2013 14855
07-06-2013 15050
06-06-2013 14920
05-06-2013 15255
04-06-2013 15140
03-06-2013 15030
Cobalt
Date(Fix.) ($/MT)
Average 30530.00
28-06-2013 32550
27-06-2013 31250
26-06-2013 30500
25-06-2013 30300
24-06-2013 30500
21-06-2013 30500
20-06-2013 30500
19-06-2013 30500
18-06-2013 30500
17-06-2013 30500
14-06-2013 31000
13-06-2013 30250
12-06-2013 30300
11-06-2013 30250
10-06-2013 30200
07-06-2013 30200
06-06-2013 30000
05-06-2013 30400
04-06-2013 30400
03-06-2013 30000