Monthly Metal Review

Overview

China’s State Reserves Bureau (SRB) plans to buy at least 200,000 tonnes of refined copper internationally this year. SRB reportedly placed two order batches last year for imports between 400,000 and 700,000 tonnes of refined copper cathode.

Japan emerged from recession in 2014’s final quarter. The economy grew 0.6 percent, an annualized 2.2-percent expansion. January trade data showed a 17-percent on-year Japan exports surge, aided by a weaker yen. Import costs fell sharply on lower fuel costs.

Eurozone finance ministers extended Greece's US$273-billion financial-rescue programme by four months. The tentative deal could be scrapped if creditor nations, especially skeptical Germany, are unsatisfied with debt-burdened Athens’ recovery measures.

Eurozone exports jumped by 8 percent on-year in December. Imports rose by 1 percent, producing a €24.3-billion unadjusted trade surplus.

Eurozone economic growth picked up in 2014’s final quarter as Germany’s economy expanded by 0.7 percent following two weak quarters. The euro economy grew on-quarter by 0.3 percent.

European new-car sales rose 6.2 percent in January, as a slow regional recovery gained momentum. Sales rose to 1.03 million vehicles from 968,451 on-year.

Carmakers’ interest in super-light, super-strong carbon fibre could threaten use of traditional metals in mass-market car manufacturing. U.S. rules require carmakers to raise average fuel efficiency to 54.5 mpg by 2025. Led by General Motors, Ford, Dow Chemical and Japan’s Teijin, manufacturers are financing research that could turn carbon fibre into auto building blocks. Ford already uses lighter aluminum, rather than steel, body panels in its best-selling F150 truck.

Federal Reserve policymakers were concerned at their late-January meeting that raising interest rates too soon would hurt economic recovery. Meeting minutes show officials trying to square solid economic growth with international-markets weakness and worry about falling-inflation expectations.

Chinese firms were reported investing nearly US$4 billion in European financial firms last year. China and the EU do some billion dollars in trade daily.

China’s imports fell 3.3 percent on-year in January, with exports dropping 19.9 percent on-year. Beijing reported a US$60 billion monthly trade surplus.

Inflation slowed in China along with domestic demand and commodities suffered. Consumer prices rose 0.8 percent on-year in January, the slowest since 2009. Factory-gate prices fell 4.3 percent.

China’s new-home prices fell again in 64 of 70 monitored cities. Prices showed signs of stabilising in top cities after the central bank cut interest rates and lenders’ reserve requirements.

The Confederation of British Industry raised its GDP expansion estimate for this year from 2.5 to 2.7 percent on lower oil prices and predicted low inflation below 1 percent. The business lobby said the Bank of England is not likely to raise interest rates until early next year. It noted a deflation threat but called sustained, widespread falling prices unlikely. It predicted 2.6-percent growth in 2016.

Daily Prices

February 2015

Copper
Date(Fix.) ($/MT)
Average 5702.08
27-02-2015 5880.5
26-02-2015 5935.5
25-02-2015 5805
24-02-2015 5715
23-02-2015 5657
20-02-2015 5707
19-02-2015 5720
18-02-2015 5690
17-02-2015 5665.5
16-02-2015 5712
13-02-2015 5731
12-02-2015 5695
11-02-2015 5645.5
10-02-2015 5591
09-02-2015 5666
06-02-2015 5692
05-02-2015 5595
04-02-2015 5708
03-02-2015 5695
02-02-2015 5535.5
Silver
Date(Fix.) ($/OZ)
Average 16.84
27-02-2015 16.53
26-02-2015 16.82
25-02-2015 16.51
24-02-2015 16.32
23-02-2015 16.2
20-02-2015 16.34
19-02-2015 16.73
18-02-2015 16.42
17-02-2015 16.82
16-02-2015 17.27
13-02-2015 16.86
12-02-2015 16.89
11-02-2015 16.95
10-02-2015 16.8
09-02-2015 16.97
06-02-2015 17.22
05-02-2015 17
04-02-2015 17.39
03-02-2015 17.59
02-02-2015 17.22
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1231.10
27-02-2015 1205
26-02-2015 1220
25-02-2015 1206.5
24-02-2015 1195.5
23-02-2015 1193.5
20-02-2015 1203.5
19-02-2015 1217.75
18-02-2015 1206.5
17-02-2015 1221.75
16-02-2015 1233.5
13-02-2015 1225.75
12-02-2015 1225.25
11-02-2015 1235.5
10-02-2015 1237.5
09-02-2015 1242.25
06-02-2015 1264
05-02-2015 1263.75
04-02-2015 1269.25
03-02-2015 1281
02-02-2015 1274.25
Date(Fix.) ($/OZ)
Average 1229.14
27-02-2015 1209.5
26-02-2015 1214.125
25-02-2015 1205.625
24-02-2015 1194
23-02-2015 1199
20-02-2015 1205.875
19-02-2015 1213.625
18-02-2015 1206.25
17-02-2015 1215.625
16-02-2015 1231.375
13-02-2015 1229.125
12-02-2015 1223.875
11-02-2015 1229.625
10-02-2015 1236
09-02-2015 1240.375
06-02-2015 1252.5
05-02-2015 1261.5
04-02-2015 1268.875
03-02-2015 1272.625
02-02-2015 1273.375
Date(Fix.) ($/OZ)
Average 1227.19
27-02-2015 1214
26-02-2015 1208.25
25-02-2015 1204.75
24-02-2015 1192.5
23-02-2015 1204.5
20-02-2015 1208.25
19-02-2015 1209.5
18-02-2015 1206
17-02-2015 1209.5
16-02-2015 1229.25
13-02-2015 1232.5
12-02-2015 1222.5
11-02-2015 1223.75
10-02-2015 1234.5
09-02-2015 1238.5
06-02-2015 1241
05-02-2015 1259.25
04-02-2015 1268.5
03-02-2015 1264.25
02-02-2015 1272.5
Lead
Date(Fix.) ($/MT)
Average 1804.68
27-02-2015 1726
26-02-2015 1759
25-02-2015 1764
24-02-2015 1762
23-02-2015 1757
20-02-2015 1774.5
19-02-2015 1783.5
18-02-2015 1774
17-02-2015 1795.5
16-02-2015 1821
13-02-2015 1834
12-02-2015 1810
11-02-2015 1827
10-02-2015 1835
09-02-2015 1846
06-02-2015 1850
05-02-2015 1847
04-02-2015 1841
03-02-2015 1848
02-02-2015 1839
Zinc
Date(Fix.) ($/MT)
Average 2103.13
27-02-2015 2060.5
26-02-2015 2073
25-02-2015 2055.5
24-02-2015 2050
23-02-2015 2032
20-02-2015 2047
19-02-2015 2073
18-02-2015 2083
17-02-2015 2105
16-02-2015 2150.5
13-02-2015 2152
12-02-2015 2129.5
11-02-2015 2113
10-02-2015 2121.5
09-02-2015 2151
06-02-2015 2150
05-02-2015 2107.5
04-02-2015 2139
03-02-2015 2146.5
02-02-2015 2123
Tin
Date(Fix.) ($/MT)
Average 18292.00
27-02-2015 17920
26-02-2015 18100
25-02-2015 18070
24-02-2015 18095
23-02-2015 17955
20-02-2015 18100
19-02-2015 18185
18-02-2015 18020
17-02-2015 18005
16-02-2015 18020
13-02-2015 18250
12-02-2015 17900
11-02-2015 17830
10-02-2015 18225
09-02-2015 18515
06-02-2015 18875
05-02-2015 18900
04-02-2015 18950
03-02-2015 18950
02-02-2015 18975
Nickel
Date(Fix.) ($/MT)
Average 14534.50
27-02-2015 14045
26-02-2015 14400
25-02-2015 14310
24-02-2015 14250
23-02-2015 13915
20-02-2015 13950
19-02-2015 13925
18-02-2015 14125
17-02-2015 14215
16-02-2015 14430
13-02-2015 14745
12-02-2015 14605
11-02-2015 14710
10-02-2015 14860
09-02-2015 15050
06-02-2015 14965
05-02-2015 14835
04-02-2015 14930
03-02-2015 15375
02-02-2015 15050
Cobalt
Date(Fix.) ($/MT)
Average 29143.75
27-02-2015 28600
26-02-2015 28600
25-02-2015 28700
24-02-2015 28900
23-02-2015 28800
20-02-2015 28900
19-02-2015 29000
18-02-2015 29100
17-02-2015 29050
16-02-2015 29000
13-02-2015 29000
12-02-2015 29000
11-02-2015 29000
10-02-2015 28850
09-02-2015 29000
06-02-2015 29500
05-02-2015 30000
04-02-2015 30000
03-02-2015 29875
02-02-2015 30000