Monthly Metal Review
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
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.