Monthly Metal Review
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
European Central Bank head Mario Draghi said the ECB governing council was unanimously in favor of using unconventional QE measures - stimuli - in coming months if inflation stayed too low.
U.S. Federal Reserve Chair Janet Yellen said the U.S. economy is improving but still needs central-bank support. U.S. employers added a strong 288,000 jobs in June, up from May’s 217,000 hires, for the fifth month in which 200,000-plus jobs were created. Un-employment fell to 6.1 percent. But new-home starts tumbled 9.3 percent to a seasonally-adjusted annual 893,000 unit-pace.
China announced second-quarter 7.5-percent economic growth on-year, following 7.4-percent first-quarter growth and suggesting some suc-cess with selective stimulus spending and credit-easing. Yet first-half housing sales fell 9.2 percent.
But whilst Beijing‘s trade performance im-proved in June, copper imports fell as banks tightened metals-imports lending after a metals-financing scan-dal.
Indonesia offered miners a tax concession to end the export dispute that cut mineral exports by a half-billion dollars monthly.
As has been widely reported in the press, the ‘London silver fix’ as administered by the London Silver Market Fixing Limited is set to cease in its cur-rent form as of the 14th of August, on the back of increased regulatory scrutiny and the planned with-drawal of Deutsche Bank as fixing member (this would leave only two fixing members in operation, HSBC and Nova Scotia, which both banks considered undesira-ble).
On Friday the 11th of July, the LBMA has announced that CME Group & Thomson Reuters have been selected to provide the solution for the London Silver Price mechanism. The system will be electronic, auction based and auditable. It is also trad-able with an increased number of direct participants.
As the mining industry’s investment in new capacity slows in Australia, some 50,000 to 75,000 mining jobs will disappear in the next two years, according to an ANZ-bank study. Job cuts will occur as the sector switches from the construction to the operational phase, requiring fewer workers.
Australia became the first developed na-tion to repeal carbon laws that put a price on green-house-gas emissions. The Senate voted 39 to 32 to end the $23.45 per tonne of carbon dioxide tax intro-duced by the previous government.
Canada’s Supreme Court ruled that the government must obtain First Nations or Aboriginal consent before resource extraction on claimed land. The court granted the Tsilhqot’in First Nation title to a 1,700-square-kilometre area of traditional land outside its British-Columbia reserve, essentially a dec-laration that the Tsilhqot’in owned the land.
Mongolia overhauled its mining law, ex-panding areas available to mining and exploration to 20 percent from some 8 percent, by lifting a 2010 new-license ban.
The London Metal Exchange approved BTG’s (the Brazilian Investment Bank) Commodities Warehousing to establish operations in Singapore for all metals.