Monthly Metal Review

Overview

An October oil-price plunge had oil-exporting countries bracing for budget shortfalls. But analysts said cheaper oil could provide global stimulus as great as $1.1 trillion.


China’s third-quarter economy grew by 7.3 percent on-year. It was down from the second quarter’s 7.5 percent, but better than expected.


China prepared to inject 200 billion yuan (US$32.66 billion) in three-month loans into listed banks to maintain liquidity. This follows a 500-billion-yuan September injection. Beijing said foreign direct investment climbed 1.9 percent on-year in September.


On the bright side, Europe’s new-car sales accelerated by 6.4 percent in September. Nearly 1.24 million new cars sold in the 13th month of sales growth.


Germany slashed its 2014 growth estimate to 1.2 percent from 1.8 percent and cut the 2015 forecast to 1.3 percent from 2 percent. The influential ZEW survey fell to minus 3.6, from September’s +6.9. The economy minister blamed geopolitical conflicts and mediocre global growth.


The U.S. added a robust 248,000 jobs in September as unemployment dipped to a six-year low of 5.9 percent. The dollar climbed to its highest in more than four years whilst the euro fell to a two-year low against the dollar.


U.S. industrial production rose 1 percent in September, the biggest gain in nearly two years. September U.S. car and truck sales jumped 9 percent on-year to 1.2 million vehicles, an annualized 16.4-million.


The U.S. Federal Reserve has held its benchmark federal funds rate at 0 percent since the financial crisis hit in late 2008. Meeting minutes showed the Fed is leaning towards keeping rates low.


The U.S. trade deficit unexpectedly narrowed in August to its smallest in seven months on an exports boost. The trade gap fell 0.5 percent on-month to $40.1 billion. Exports rose 0.2 percent to $198.5 billion.


The Bank of England kept UK interest rates at 0.5 percent. It declined extending quantitative easing beyond GBP375 billion already spent. The BoE’s chief economist said rates could stay low without unwanted inflation and called the UK’s strong economic recovery jobs-rich, but pay-poor. Analysts said rates could stay at 0.5 percent through next August or autumn.


The third-quarter UK economy grew 0.7 percent on-quarter. The expansion is down slightly from 0.9 percent but among the strongest of developed economies.


September UK inflation fell to a five-year low of 1.2 percent from August’s 1.5 percent. Unemployment fell below 2 million, but British manufacturing expanded at the slowest rate in 17 months. Still, UK new-car sales had the strongest September in a decade. Sales were up 5.6 percent on-year.


The London Metal Exchange will raise transaction fees January 1 by an average of 34 percent. This will be the first price hike since Hong Kong Exchanges & Clearing bought the LME in 2012. Ring members will pay 50 cents for one side of a contract in trading and clearing fees, up from 38 cents. Members without floor-trade rights will pay 90 cents, from 58 cents.

Daily Prices

October 2014

Copper
Date(Fix.) ($/MT)
Average 6739.20
31-10-2014 6835.5
30-10-2014 6785
29-10-2014 6855
28-10-2014 6859.5
27-10-2014 6800.5
24-10-2014 6759.5
23-10-2014 6718.5
22-10-2014 6730.5
21-10-2014 6660
20-10-2014 6615
17-10-2014 6629
16-10-2014 6630
15-10-2014 6781
14-10-2014 6780.5
13-10-2014 6802
10-10-2014 6697
09-10-2014 6767
08-10-2014 6755
07-10-2014 6715
06-10-2014 6712.5
03-10-2014 6665
02-10-2014 6693.5
01-10-2014 6755
Silver
Date(Fix.) ($/OZ)
Average 17.19
31-10-2014 16.2
30-10-2014 16.78
29-10-2014 17.2
28-10-2014 17.18
27-10-2014 17.18
24-10-2014 17.19
23-10-2014 17.07
22-10-2014 17.36
21-10-2014 17.36
20-10-2014 17.38
17-10-2014 17.36
16-10-2014 17.46
15-10-2014 17.01
14-10-2014 17.5
13-10-2014 17.41
10-10-2014 17.26
09-10-2014 17.64
08-10-2014 17.35
07-10-2014 17.36
06-10-2014 17.02
03-10-2014 16.97
02-10-2014 17.09
01-10-2014 17.04
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1223.57
31-10-2014 1173.25
30-10-2014 1205.75
29-10-2014 1228
28-10-2014 1228.25
27-10-2014 1230.5
24-10-2014 1231.75
23-10-2014 1240.5
22-10-2014 1246.75
21-10-2014 1251.75
20-10-2014 1241
17-10-2014 1238
16-10-2014 1241
15-10-2014 1223.5
14-10-2014 1233
13-10-2014 1228
10-10-2014 1222.25
09-10-2014 1227.5
08-10-2014 1220
07-10-2014 1207.5
06-10-2014 1193.25
03-10-2014 1207.5
02-10-2014 1214.5
01-10-2014 1208.5
Date(Fix.) ($/OZ)
Average 1223.03
31-10-2014 1168.75
30-10-2014 1203.875
29-10-2014 1225.75
28-10-2014 1228.75
27-10-2014 1229.625
24-10-2014 1232.25
23-10-2014 1236.625
22-10-2014 1245.25
21-10-2014 1251
20-10-2014 1242.75
17-10-2014 1236.125
16-10-2014 1239.375
15-10-2014 1230.5
14-10-2014 1233.875
13-10-2014 1228.5
10-10-2014 1220.625
09-10-2014 1227.125
08-10-2014 1218.5
07-10-2014 1209
06-10-2014 1194.5
03-10-2014 1201.25
02-10-2014 1213.125
01-10-2014 1212.5
Date(Fix.) ($/OZ)
Average 1222.49
31-10-2014 1164.25
30-10-2014 1202
29-10-2014 1223.5
28-10-2014 1229.25
27-10-2014 1228.75
24-10-2014 1232.75
23-10-2014 1232.75
22-10-2014 1243.75
21-10-2014 1250.25
20-10-2014 1244.5
17-10-2014 1234.25
16-10-2014 1237.75
15-10-2014 1237.5
14-10-2014 1234.75
13-10-2014 1229
10-10-2014 1219
09-10-2014 1226.75
08-10-2014 1217
07-10-2014 1210.5
06-10-2014 1195.75
03-10-2014 1195
02-10-2014 1211.75
01-10-2014 1216.5
Lead
Date(Fix.) ($/MT)
Average 2038.09
31-10-2014 2015
30-10-2014 2004
29-10-2014 2020
28-10-2014 2019
27-10-2014 1987
24-10-2014 2011
23-10-2014 2006
22-10-2014 2037.5
21-10-2014 1999.5
20-10-2014 2012
17-10-2014 1998
16-10-2014 1956
15-10-2014 2042.5
14-10-2014 2053.5
13-10-2014 2072
10-10-2014 2057
09-10-2014 2082
08-10-2014 2095
07-10-2014 2095
06-10-2014 2085
03-10-2014 2080
02-10-2014 2078
01-10-2014 2071
Zinc
Date(Fix.) ($/MT)
Average 2272.70
31-10-2014 2335
30-10-2014 2283
29-10-2014 2265
28-10-2014 2252.5
27-10-2014 2249.5
24-10-2014 2264
23-10-2014 2230
22-10-2014 2245
21-10-2014 2188
20-10-2014 2222.5
17-10-2014 2227
16-10-2014 2205
15-10-2014 2330
14-10-2014 2323.5
13-10-2014 2323
10-10-2014 2311
09-10-2014 2328
08-10-2014 2332
07-10-2014 2307.5
06-10-2014 2289.5
03-10-2014 2250.5
02-10-2014 2252.5
01-10-2014 2258
Tin
Date(Fix.) ($/MT)
Average 19909.13
31-10-2014 20125
30-10-2014 19930
29-10-2014 20150
28-10-2014 19755
27-10-2014 19545
24-10-2014 19415
23-10-2014 19530
22-10-2014 19600
21-10-2014 19500
20-10-2014 19400
17-10-2014 19305
16-10-2014 19300
15-10-2014 19725
14-10-2014 20155
13-10-2014 20170
10-10-2014 20100
09-10-2014 20225
08-10-2014 20220
07-10-2014 20275
06-10-2014 20465
03-10-2014 20395
02-10-2014 20425
01-10-2014 20200
Nickel
Date(Fix.) ($/MT)
Average 15770.43
31-10-2014 15815
30-10-2014 15325
29-10-2014 15585
28-10-2014 15055
27-10-2014 14650
24-10-2014 15005
23-10-2014 14950
22-10-2014 15220
21-10-2014 15225
20-10-2014 15315
17-10-2014 15505
16-10-2014 15315
15-10-2014 16135
14-10-2014 16180
13-10-2014 16390
10-10-2014 16310
09-10-2014 16630
08-10-2014 16700
07-10-2014 16750
06-10-2014 16485
03-10-2014 16270
02-10-2014 16050
01-10-2014 15855
Cobalt
Date(Fix.) ($/MT)
Average 31847.83
31-10-2014 31000
30-10-2014 31500
29-10-2014 31500
28-10-2014 31500
27-10-2014 31000
24-10-2014 32000
23-10-2014 32000
22-10-2014 31750
21-10-2014 31750
20-10-2014 31500
17-10-2014 31750
16-10-2014 31750
15-10-2014 31750
14-10-2014 31750
13-10-2014 31500
10-10-2014 31500
09-10-2014 31500
08-10-2014 32500
07-10-2014 32500
06-10-2014 32500
03-10-2014 32500
02-10-2014 32500
01-10-2014 33000