Monthly Metal Review

Overview

Peruvian export group Adex said that although Peru’s 2013 export earnings fell 9.5 percent, exports should rebound on higher metals revenue as U.S. and European economies grow. Adex predicted metals exports growing 3.5 percent to $23.5 billion this year. Refined precious metals are likely to rebound 8.5 percent. Peru will have some $60 billion in mining-investment commitments in the next ten years, including Chinalco’s $3.5-billion Toromocho copper mine, Hudbay Minerals’ copper-silver-molybdenum Constancia project and new mines from zinc-silver miner Volcan.

Consultants Ernst & Young forecast increased mining-sector mergers and acquisitions in 2014 and 2015. E&Y predicted a $10-billion deal capacity, with large transactions later this year and more in 2015.

The U.S. Federal Reserve reduced its bond-buying stimulus program a second time, to $65 billion monthly. Financial analysts expect the Fed to taper by another $10 billion at its March meeting. U.S. employers added 113,000 jobs in January, fewer than the average 2013 monthly gain of 194,000. But the data showed that manufacturers, construction firms and mining and drilling companies added 76,000 jobs. New-home sales in the U.S. rebounded to the fastest growth rate in five years, the Commerce De-partment reported. Despite frigid weather, sales of new homes rose 9.6 percent in January to a seasonally adjusted annual rate of 468,000.

Moody’s upgraded Mexico’s credit rating to A3 from Baa1, mostly on structural reforms by the new national administration. Chile is the other Latin American nation with A status.

China reported record imports of copper, crude oil and iron ore in January, attributed to fresh buyers’ credit lines and pre-holiday restocking. Imports of unwrought copper reached 536,000 tonnes, up 21 per cent on-month.

China’s factory activity shrank in February, a preliminary Markit/HSBC Purchasing Managers’ Index indicated. The PMI fell to a seven-month low of 48.3 from January's 49.5. Below-50 readings indicate contraction. Analysts said factory output was likely affected by the New Year festival, when many manufacturers close for the holiday.

As parts of the UK saw the worst flooding in 250 years, the government said unemployment fell by 125,000 to 2.34 million on-quarter in fourth-quarter 2013 for a jobless rate of 7.2 percent. The number of people claiming jobseeker's allowance fell by 27,600 in January to 1.22 million.

Bank of England Governor Mark Carney said the BoE must see stronger business recovery before raising 0.5-percent bank interest rates. But key central-bank policymaker Martin Weale said interest rates are likely to begin rising in spring of 2015. UK housing starts rose 23 percent in 2013 to reach a six-year high of 122,590. Completions rose 6 percent. The boost comes amid concerns that housing supply is not meeting demand.

European demand for new cars increased in January for the fifth consecutive month. New-car registrations rose 5.5 percent on-year across the EU.

Daily Prices

February 2014

Copper
Date(Fix.) ($/MT)
Average 7152.15
28-02-2014 7097.5
27-02-2014 7095
26-02-2014 7149
25-02-2014 7115
24-02-2014 7130
21-02-2014 7211.5
20-02-2014 7185
19-02-2014 7220
18-02-2014 7205
17-02-2014 7210
14-02-2014 7175.5
13-02-2014 7157
12-02-2014 7174.5
11-02-2014 7120
10-02-2014 7190.5
07-02-2014 7200
06-02-2014 7109
05-02-2014 7096
04-02-2014 7107
03-02-2014 7095.5
Silver
Date(Fix.) ($/OZ)
Average 20.83
28-02-2014 21.27
27-02-2014 21.38
26-02-2014 21.845
25-02-2014 21.73
24-02-2014 22.05
21-02-2014 21.74
20-02-2014 21.59
19-02-2014 21.75
18-02-2014 21.37
17-02-2014 21.65
14-02-2014 21.09
13-02-2014 20.27
12-02-2014 20.2
11-02-2014 20.17
10-02-2014 20.2
07-02-2014 19.87
06-02-2014 20.14
05-02-2014 19.63
04-02-2014 19.34
03-02-2014 19.27
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1298.71
28-02-2014 1327.75
27-02-2014 1331
26-02-2014 1340
25-02-2014 1332.75
24-02-2014 1333
21-02-2014 1320.75
20-02-2014 1313.75
19-02-2014 1318.75
18-02-2014 1314
17-02-2014 1326
14-02-2014 1308.5
13-02-2014 1290.25
12-02-2014 1286.5
11-02-2014 1282.75
10-02-2014 1273.5
07-02-2014 1260
06-02-2014 1258.5
05-02-2014 1257
04-02-2014 1253
03-02-2014 1246.5
Date(Fix.) ($/OZ)
Average 1299.84
28-02-2014 1327.125
27-02-2014 1331.625
26-02-2014 1335.875
25-02-2014 1335.875
24-02-2014 1333.875
21-02-2014 1322
20-02-2014 1315
19-02-2014 1319.625
18-02-2014 1317.375
17-02-2014 1326.75
14-02-2014 1314.25
13-02-2014 1293.125
12-02-2014 1288
11-02-2014 1282.375
10-02-2014 1275.25
07-02-2014 1259.625
06-02-2014 1257.5
05-02-2014 1255.75
04-02-2014 1251.625
03-02-2014 1254.25
Date(Fix.) ($/OZ)
Average 1300.98
28-02-2014 1326.5
27-02-2014 1332.25
26-02-2014 1331.75
25-02-2014 1339
24-02-2014 1334.75
21-02-2014 1323.25
20-02-2014 1316.25
19-02-2014 1320.5
18-02-2014 1320.75
17-02-2014 1327.5
14-02-2014 1320
13-02-2014 1296
12-02-2014 1289.5
11-02-2014 1282
10-02-2014 1277
07-02-2014 1259.25
06-02-2014 1256.5
05-02-2014 1254.5
04-02-2014 1250.25
03-02-2014 1262
Lead
Date(Fix.) ($/MT)
Average 2110.48
28-02-2014 2115.5
27-02-2014 2099
26-02-2014 2110
25-02-2014 2112
24-02-2014 2102
21-02-2014 2133
20-02-2014 2124
19-02-2014 2155
18-02-2014 2132.5
17-02-2014 2131.5
14-02-2014 2123
13-02-2014 2105
12-02-2014 2103.5
11-02-2014 2085
10-02-2014 2111.5
07-02-2014 2117
06-02-2014 2078
05-02-2014 2093
04-02-2014 2091.5
03-02-2014 2087.5
Zinc
Date(Fix.) ($/MT)
Average 2035.40
28-02-2014 2110
27-02-2014 2072
26-02-2014 2077
25-02-2014 2058.5
24-02-2014 2043
21-02-2014 2060
20-02-2014 2035
19-02-2014 2075
18-02-2014 2070.5
17-02-2014 2063
14-02-2014 2047
13-02-2014 2021
12-02-2014 2016
11-02-2014 2006
10-02-2014 2028
07-02-2014 2036
06-02-2014 1985
05-02-2014 1977
04-02-2014 1965
03-02-2014 1963
Tin
Date(Fix.) ($/MT)
Average 22809.25
28-02-2014 23545
27-02-2014 23590
26-02-2014 23575
25-02-2014 23150
24-02-2014 23100
21-02-2014 23130
20-02-2014 23050
19-02-2014 23230
18-02-2014 23095
17-02-2014 23230
14-02-2014 22930
13-02-2014 22600
12-02-2014 22425
11-02-2014 22290
10-02-2014 22235
07-02-2014 22270
06-02-2014 22060
05-02-2014 22150
04-02-2014 22330
03-02-2014 22200
Nickel
Date(Fix.) ($/MT)
Average 14194.50
28-02-2014 14550
27-02-2014 14185
26-02-2014 14285
25-02-2014 14235
24-02-2014 14160
21-02-2014 14410
20-02-2014 14265
19-02-2014 14475
18-02-2014 14405
17-02-2014 14340
14-02-2014 14235
13-02-2014 14235
12-02-2014 14270
11-02-2014 14120
10-02-2014 14265
07-02-2014 14105
06-02-2014 13820
05-02-2014 13840
04-02-2014 13860
03-02-2014 13830
Cobalt
Date(Fix.) ($/MT)
Average 31515.50
28-02-2014 31210
27-02-2014 31800
26-02-2014 31800
25-02-2014 31800
24-02-2014 31500
21-02-2014 31500
20-02-2014 31200
19-02-2014 32200
18-02-2014 31400
17-02-2014 31500
14-02-2014 31600
13-02-2014 31500
12-02-2014 31300
11-02-2014 31300
10-02-2014 31500
07-02-2014 31300
06-02-2014 31750
05-02-2014 31750
04-02-2014 31500
03-02-2014 30900