Monthly Metal Review

Overview

The Bloomberg commodity index which reflects the price of 20 commodities (including metals, petroleum, grains and others) dropped to a 5yr low, and is 12% lower this quarter. This is a direct consequence of a strengthening dollar, and concerns over weakening growth in China.


Figures released this month showed factory output in China is growing at its slowest level in 6 years. Furthermore the Peoples Bank of China began providing US$81.4 billion, 500 billion yuan, of liquidity to China’s five biggest banks. Each received 100-billion yuan in stimulus. Beijing’s 7.5-percent GDP-growth target is threatened by a property slump. China’s biggest banks plan to lower interest rates on home mortgages, reflecting Beijing’s concern about property-market health. Analysts at Bank of America Merrill Lynch said China may be entering an asset-deflation phase. They argued that China resembles early-1990s Japan, when a real-estate bubble began deflating.


The dollar hit a 4 year high whilst the euro sank to a 22 month low as Washington led a military coalition against militants in Iraq and Syria.


The U.S. Federal Reserve held key interest rates at near zero, with no suggestion of a near-term rise. The Fed renewed its pledge to keep super-low rates for a "considerable time," but indicated it could raise borrowing costs faster than expected when it moves.


U.S. manufacturing activity was near a 4.5-year high in September. Markit‘s preliminary U.S. Manufacturing PMI was at 57.9, unchanged from August, when it touched its highest level since April 2010. Factory employment increased for a second straight month. U.S. consumer prices fell.


The Bank of England kept key interest rates at a historic 0.5-percent low. The GBP was supported by Scotland’s vote to stay in the UK. The European Central Bank cut its benchmark rate to 0.05 percent, from 0.15, and tried to push funds into flagging eurozone economies to counter deflationary pressures.


Germany’s Ifo business-sentiment index dropped in September for a fifth month. The Purchasing Managers Index (PMI) fell to 50.3, lowest level since June 2013, hurt by fallout from western tensions with Russia.


Eurozone inflation was 0.4 percent in August, a fraction of the ECB’s goal of almost 2 percent.


Australia’s second-quarter spending on resource exploration hit a seven-year low. The Association of Mining and Exploration Companies said the cutback could have long-term effects on discoveries.


Australia legislators abolished a controversial 30-percent federal tax on mining profits on coal and iron ore. The Resource Rent tax was introduced in 2012 by a previous government to fund social-welfare programs.


The London Metal Exchange launched its new clearing house, LME Clear. Officials said Clear would accept the renminbi as collateral later this year.

Daily Prices

September 2014

Copper
Date(Fix.) ($/MT)
Average 6872.23
30-09-2014 6736
29-09-2014 6735.5
26-09-2014 6771
25-09-2014 6766
24-09-2014 6750
23-09-2014 6797
22-09-2014 6782
19-09-2014 6868.5
18-09-2014 6920
17-09-2014 6958.5
16-09-2014 6895.5
15-09-2014 6850
12-09-2014 6856
11-09-2014 6829
10-09-2014 6897.5
09-09-2014 6937
08-09-2014 7040.5
05-09-2014 6973
04-09-2014 6967
03-09-2014 6927
02-09-2014 6965.5
01-09-2014 6966.5
Silver
Date(Fix.) ($/OZ)
Average 18.49
30-09-2014 17.11
29-09-2014 17.58
26-09-2014 17.54
25-09-2014 17.52
24-09-2014 17.76
23-09-2014 17.92
22-09-2014 17.74
19-09-2014 18.45
18-09-2014 18.5
17-09-2014 18.63
16-09-2014 18.75
15-09-2014 18.64
12-09-2014 18.64
11-09-2014 18.7
10-09-2014 19.01
09-09-2014 19
08-09-2014 19.19
05-09-2014 19.13
04-09-2014 19.21
03-09-2014 19.1
02-09-2014 19.2
01-09-2014 19.49
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1241.33
30-09-2014 1210
29-09-2014 1217.75
26-09-2014 1222.25
25-09-2014 1210.5
24-09-2014 1224
23-09-2014 1225
22-09-2014 1214
19-09-2014 1222.5
18-09-2014 1223
17-09-2014 1236.5
16-09-2014 1238.75
15-09-2014 1234.75
12-09-2014 1237.25
11-09-2014 1247
10-09-2014 1254.25
09-09-2014 1256
08-09-2014 1267.25
05-09-2014 1264
04-09-2014 1271
03-09-2014 1268.5
02-09-2014 1277.75
01-09-2014 1287.25
Date(Fix.) ($/OZ)
Average 1240.07
30-09-2014 1213.25
29-09-2014 1218.625
26-09-2014 1218
25-09-2014 1212.125
24-09-2014 1220.625
23-09-2014 1223.5
22-09-2014 1213.75
19-09-2014 1221.125
18-09-2014 1221.75
17-09-2014 1236.25
16-09-2014 1235.5
15-09-2014 1234.5
12-09-2014 1234.375
11-09-2014 1244.125
10-09-2014 1252.625
09-09-2014 1255.875
08-09-2014 1263.125
05-09-2014 1265
04-09-2014 1271.25
03-09-2014 1267
02-09-2014 1272.375
01-09-2014 1286.875
Date(Fix.) ($/OZ)
Average 1238.82
30-09-2014 1216.5
29-09-2014 1219.5
26-09-2014 1213.75
25-09-2014 1213.75
24-09-2014 1217.25
23-09-2014 1222
22-09-2014 1213.5
19-09-2014 1219.75
18-09-2014 1220.5
17-09-2014 1236
16-09-2014 1232.25
15-09-2014 1234.25
12-09-2014 1231.5
11-09-2014 1241.25
10-09-2014 1251
09-09-2014 1255.75
08-09-2014 1259
05-09-2014 1266
04-09-2014 1271.5
03-09-2014 1265.5
02-09-2014 1267
01-09-2014 1286.5
Lead
Date(Fix.) ($/MT)
Average 2122.25
30-09-2014 2083
29-09-2014 2057
26-09-2014 2075
25-09-2014 2074
24-09-2014 2058
23-09-2014 2074
22-09-2014 2050.5
19-09-2014 2068
18-09-2014 2078
17-09-2014 2092
16-09-2014 2091
15-09-2014 2103
12-09-2014 2115
11-09-2014 2112
10-09-2014 2100
09-09-2014 2158
08-09-2014 2194
05-09-2014 2200
04-09-2014 2227
03-09-2014 2217
02-09-2014 2233
01-09-2014 2230
Zinc
Date(Fix.) ($/MT)
Average 2294.05
30-09-2014 2290
29-09-2014 2253.5
26-09-2014 2270.5
25-09-2014 2263
24-09-2014 2250
23-09-2014 2241
22-09-2014 2215.5
19-09-2014 2250.5
18-09-2014 2247
17-09-2014 2255.5
16-09-2014 2246.5
15-09-2014 2255
12-09-2014 2270
11-09-2014 2267.5
10-09-2014 2275
09-09-2014 2338.5
08-09-2014 2390.5
05-09-2014 2390
04-09-2014 2402
03-09-2014 2372
02-09-2014 2375
01-09-2014 2350.5
Tin
Date(Fix.) ($/MT)
Average 21124.55
30-09-2014 20330
29-09-2014 20535
26-09-2014 20450
25-09-2014 20700
24-09-2014 21300
23-09-2014 21160
22-09-2014 21200
19-09-2014 21200
18-09-2014 21205
17-09-2014 21055
16-09-2014 21050
15-09-2014 21150
12-09-2014 21180
11-09-2014 21175
10-09-2014 21000
09-09-2014 21100
08-09-2014 21300
05-09-2014 21500
04-09-2014 21505
03-09-2014 21395
02-09-2014 21550
01-09-2014 21700
Nickel
Date(Fix.) ($/MT)
Average 18079.32
30-09-2014 16505
29-09-2014 16510
26-09-2014 17280
25-09-2014 17210
24-09-2014 17200
23-09-2014 17135
22-09-2014 17075
19-09-2014 17755
18-09-2014 17885
17-09-2014 17920
16-09-2014 17905
15-09-2014 18255
12-09-2014 18345
11-09-2014 18460
10-09-2014 18550
09-09-2014 19360
08-09-2014 19740
05-09-2014 19385
04-09-2014 19235
03-09-2014 18820
02-09-2014 18555
01-09-2014 18660
Cobalt
Date(Fix.) ($/MT)
Average 32820.45
30-09-2014 32750
29-09-2014 32750
26-09-2014 32500
25-09-2014 32500
24-09-2014 32500
23-09-2014 32500
22-09-2014 32250
19-09-2014 33500
18-09-2014 33300
17-09-2014 32500
16-09-2014 32500
15-09-2014 32500
12-09-2014 33000
11-09-2014 33000
10-09-2014 33000
09-09-2014 33000
08-09-2014 33000
05-09-2014 33000
04-09-2014 33000
03-09-2014 33000
02-09-2014 33000
01-09-2014 33000