Monthly Metal Review
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
The World Bank forecasts the global economy to expand 3.2 percent in 2014. The richest-nations forecast rose from 2.0 to 2.2-percent growth, whilst developing-market expectations fell from a 5.6-percent rise to 5.3.
Eurozone manufacturing grew in December at the fastest rate since 2011, mostly on business in Germany and Italy. Markit’s Eurozone Manufacturing Purchasing Managers Index (PMI) rose from No-vember’s 51.6 to 52.7 in December; the best in 31 months. The weak French manufacturing base could slow recovery.
China’s economic expansion slowed mildly in fourth-quarter 2013 with 7.7-percent growth, down from the third quarter’s 7.8 percent. Full-year growth was also 7.7 percent. The manufacturing sector sof-tened in January, with a Markit/HBSC Purchasing Managers’ Index falling to 49.6 from December’s 50.5.
Indonesia's export of metal ore and concen-trate stopped, despite Jakarta’s softening of its January-12 ban on unprocessed-ore exports.
The Democratic Republic of Congo post-poned a ban on cobalt-and copper-concentrate ex-ports until 2015. Congo lacks electricity for processing, the mines minister said. Companies must pay $100-per-tonne tax on concentrate exports.
China’s 2013 auto sales surged 14 percent as China became the first nation in which domestic yearly car deliveries topped 20-million units. China’s Automobile Manufacturers Association projected 2014 vehicle sales of 23.7 to 24.2 million. European new-car sales jumped 13 percent in December. Discounts helped recovery from full-year sales that were the lowest since 1995. U.S. automakers reported their best year since 2007, with deliveries up 7.6 percent to 15.6 million.
The U.S. added 74,000 jobs in December, the fewest since 2011, whilst unemployment fell 0.3 points to 6.7 percent. Construction jobs were off 16,000; blamed largely on harsh winter weather, as were job-growth figures. Still, mining gained 5,000 jobs and manufacturing employment rose for a fifth month. Housing starts were slightly ahead of esti-mates.
Growth in 2014 is expected to top 3 percent, a gain from 1.7 percent expected for 2013. At odds with official figures, payroll processor ADP found the private sector ending 2013 upbeat, adding 238,000 new jobs.
Rents at London Metal Exchange-monitored warehouses will rise in April by an average of 3 per-cent, the LME announced. It said rents, weighted by size of stocks, avoid last year’s 7-percent increase.
LME metals trading rose 7.1 percent on-year in 2013, with a record 171.1-million lots traded. The volume was equivalent to 4.0-billion tonnes.
Europe’s Airbus Group delivered 626 new aircraft to customers in 2013. U.S. rival America’s Boeing delivered 648. Airbus has orders for 1,619 planes, double the company’s expectations. Boeing has 1,355 2013 orders.
International Monetary Fund chief Christine Lagarde warned that deflation in advanced economies could derail global recovery. Deflation, with stubbornly-low prices, occurs when the inflation rate drops below 0 percent. Euro-area inflation was at 0.8 percent in December.