Monthly Metal Review

Overview

Eurozone manufacturing expanded mildly for a fifth month as Germany drove regional recovery. The Composite Purchasing Managers' Index (PMI) ticked down to 51.5 from October’s 51.9. Still, readings above 50 denote growth. Markit’s Germany manufacturing gauge rose to a 29-month high of 52.5. In France, however, manufacturing output slipped to a six-month low.

Concerned with low economic growth, the European Central Bank trimmed its main refinancing interest rate by 25 basis points to 0.25 percent. ECB officials said they would prime banks until mid-2015. October’s Eurozone-wide consumer-price inflation was 0.7 percent.

The London Metal Exchange said that, begin-ning April 1, LME-approved warehouses with with-drawal times exceeding 50 calendar days must ship out more metal daily than taken in by at least 1,500 tonnes.

The LME approved warehouse locations in Moerdijk, Netherlands, and Owensboro, Kentucky, and Panama City, Florida, in the U.S. Moerdijk and Owensboro are proximate to warehouse locations with log-jams; Vlissingen and Detroit. Panama City could cut congestion at New Orleans, which accounts for perhaps half the zinc and over a third of the copper stocks waiting for delivery.

The LME will add a third, earlier trading round with Asian time-zone clearing and price discovery. It is also to introduce Yuan-based contracts, cleared and settled via HKEx's Hong Kong platform, in fourth-quarter 2014.

The Bank of England indicated the UK economy is recovering quickly enough that there is a 50-50 chance unemployment could fall to 7 percent in late 2014. The BoE could then consider raising interest rates.

Incoming U.S. Federal Reserve chair Janet Yellen calmed concerns the Fed might soon reduce its bond-buying stimulus. She said the economy must improve further before the central bank winds down. She said unemployment is too high, even though it fell from a 10-percent high to October's 7.3 percent. The econo-my added 204,000 jobs in October.

U.S. factory output rose for a third consecutive month, up 0.3 percent in October despite a 1.3-percent fall in auto production. Manufacturing growth was broad-based, with increases in production of products like primary metals, computer and electronic items and furniture. Factory production rose 3.3 percent in the 12 months through October. The economy grew at a 2.8-percent rate as businesses restocked, up from 1.8 in the second quarter.

China's October industrial output climbed an estimated 10.3 percent from a year earlier and manufacturing investment strengthened, the National Bureau of Statistics reported. November results were expected to show milder growth as Beijing shifts focus to structural reform. November's Flash Mar-kit/HSBC Purchasing Managers' Index (PMI) fell to 50.4 from October's 50.9.

Communist Party leaders in Beijing endorsed President Xi Jinping's economic-overhaul plans. Tar-gets include expanding markets' role in energy and natural resources and encouraging private investment in finance. The reforms pose significant, if indirect, challenges to powerful state companies.

Japan reported a third-quarter drop in its economic growth to an annualised 1.9-percent rate from 3.8 percent in the previous quarter. Analysts blamed weaker consumer spending and exports that offset hikes in public spending and property investment. Japan had positive first-half growth but fell behind the U.S., which expanded at a 2.8-percent rate in the third quarter. Japan showed an October trade deficit of $11 billion.

Daily Prices

November 2013

Copper
Date(Fix.) ($/MT)
Average 7066.40
29-11-2013 7027
28-11-2013 6988
27-11-2013 7051.5
26-11-2013 7071
25-11-2013 7067.5
22-11-2013 7065.5
21-11-2013 6992
20-11-2013 6980
19-11-2013 6947
18-11-2013 6999.5
15-11-2013 6967.5
14-11-2013 6939
13-11-2013 7021.5
12-11-2013 7124
11-11-2013 7135
08-11-2013 7125.5
07-11-2013 7119
06-11-2013 7200
05-11-2013 7138.5
04-11-2013 7180
01-11-2013 7255.5
Silver
Date(Fix.) ($/OZ)
Average 20.76
29-11-2013 19.93
28-11-2013 19.76
27-11-2013 19.98
26-11-2013 20.11
25-11-2013 19.71
22-11-2013 19.93
21-11-2013 19.97
20-11-2013 20.24
19-11-2013 20.44
18-11-2013 20.64
15-11-2013 20.63
14-11-2013 20.78
13-11-2013 20.7
12-11-2013 21.1
11-11-2013 21.395
08-11-2013 21.7
07-11-2013 21.75
06-11-2013 21.94
05-11-2013 21.6
04-11-2013 21.85
01-11-2013 21.75
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1277.42
29-11-2013 1245.25
28-11-2013 1241.75
27-11-2013 1250.75
26-11-2013 1250.75
25-11-2013 1231.75
22-11-2013 1241.75
21-11-2013 1248.5
20-11-2013 1271.5
19-11-2013 1272.25
18-11-2013 1283.5
15-11-2013 1281.75
14-11-2013 1283.25
13-11-2013 1276
12-11-2013 1281
11-11-2013 1283.75
08-11-2013 1309
07-11-2013 1316
06-11-2013 1317
05-11-2013 1311.25
04-11-2013 1314.25
01-11-2013 1314.75
Date(Fix.) ($/OZ)
Average 1276.62
29-11-2013 1249.125
28-11-2013 1243.625
27-11-2013 1247.875
26-11-2013 1249.125
25-11-2013 1237.375
22-11-2013 1244
21-11-2013 1244.25
20-11-2013 1264.25
19-11-2013 1274
18-11-2013 1283.5
15-11-2013 1284.5
14-11-2013 1284.625
13-11-2013 1274.25
12-11-2013 1281.125
11-11-2013 1283.125
08-11-2013 1297.25
07-11-2013 1311.625
06-11-2013 1318
05-11-2013 1309.25
04-11-2013 1317.375
01-11-2013 1310.75
Date(Fix.) ($/OZ)
Average 1275.82
29-11-2013 1253
28-11-2013 1245.5
27-11-2013 1245
26-11-2013 1247.5
25-11-2013 1243
22-11-2013 1246.25
21-11-2013 1240
20-11-2013 1257
19-11-2013 1275.75
18-11-2013 1283.5
15-11-2013 1287.25
14-11-2013 1286
13-11-2013 1272.5
12-11-2013 1281.25
11-11-2013 1282.5
08-11-2013 1285.5
07-11-2013 1307.25
06-11-2013 1319
05-11-2013 1307.25
04-11-2013 1320.5
01-11-2013 1306.75
Lead
Date(Fix.) ($/MT)
Average 2090.19
29-11-2013 2051.5
28-11-2013 2041
27-11-2013 2067
26-11-2013 2073
25-11-2013 2068
22-11-2013 2083
21-11-2013 2061
20-11-2013 2074
19-11-2013 2062.5
18-11-2013 2072
15-11-2013 2073
14-11-2013 2074
13-11-2013 2077
12-11-2013 2092
11-11-2013 2107.5
08-11-2013 2117
07-11-2013 2117
06-11-2013 2150
05-11-2013 2123.5
04-11-2013 2139
01-11-2013 2171
Zinc
Date(Fix.) ($/MT)
Average 1868.67
29-11-2013 1859
28-11-2013 1848
27-11-2013 1855.5
26-11-2013 1873
25-11-2013 1872
22-11-2013 1872.5
21-11-2013 1859
20-11-2013 1862
19-11-2013 1860
18-11-2013 1863.5
15-11-2013 1860
14-11-2013 1851.5
13-11-2013 1852.5
12-11-2013 1856.5
11-11-2013 1864.5
08-11-2013 1864
07-11-2013 1868.5
06-11-2013 1896.5
05-11-2013 1886.5
04-11-2013 1900
01-11-2013 1917
Tin
Date(Fix.) ($/MT)
Average 22856.67
29-11-2013 22530
28-11-2013 22600
27-11-2013 22855
26-11-2013 22945
25-11-2013 22900
22-11-2013 22900
21-11-2013 22975
20-11-2013 22920
19-11-2013 22850
18-11-2013 23000
15-11-2013 22975
14-11-2013 22905
13-11-2013 22775
12-11-2013 22775
11-11-2013 22870
08-11-2013 22940
07-11-2013 22725
06-11-2013 23025
05-11-2013 22750
04-11-2013 22800
01-11-2013 22975
Nickel
Date(Fix.) ($/MT)
Average 13729.05
29-11-2013 13415
28-11-2013 13270
27-11-2013 13405
26-11-2013 13465
25-11-2013 13480
22-11-2013 13440
21-11-2013 13425
20-11-2013 13510
19-11-2013 13580
18-11-2013 13690
15-11-2013 13690
14-11-2013 13600
13-11-2013 13605
12-11-2013 13655
11-11-2013 13810
08-11-2013 13865
07-11-2013 13950
06-11-2013 14290
05-11-2013 14325
04-11-2013 14260
01-11-2013 14580
Cobalt
Date(Fix.) ($/MT)
Average 26778.57
29-11-2013 26500
28-11-2013 26000
27-11-2013 26000
26-11-2013 26000
25-11-2013 26000
22-11-2013 26000
21-11-2013 26000
20-11-2013 26500
19-11-2013 26000
18-11-2013 26750
15-11-2013 27500
14-11-2013 27200
13-11-2013 27200
12-11-2013 27200
11-11-2013 27300
08-11-2013 27500
07-11-2013 27500
06-11-2013 27400
05-11-2013 27200
04-11-2013 27500
01-11-2013 27100