Monthly Metal Review

Overview

Finland replaced Western Australia as the best address for mining and exploration investment in the annual survey of miners and explorers by Canada’s Fraser Institute. Western Australia fell to fifth place. The top-jurisdictions list also includes Saskatchewan, Nevada, Manitoba, Quebec, Wyoming, Newfoundland/Labrador, Yukon, Alaska, Ireland, Sweden and Chile.

Junior explorers received an investors’ tax break from the Australian Senate. Beginning July 1st, the Exploration Development Incentive will allocate AUD 100 million during the next three years so investors in early-stage exploration projects get breaks for explorers’ early expenditures. They had been considered a loss, and could be claimed only if adequate revenue was generated.

Zambia will temporarily revert to its 2014 mining tax code until a more amicable regime can be reached between the government and mining houses. Previously included in the government budget was a controversial law replacing corporate income tax for mining companies with higher royalties, increasing to 20 percent from 6 percent for open-cast mines and expanding to 8 percent from 6 percent for underground mines.

Copper’s fate this year is likely to hinge on the state of China’s property market and investment in power lines by state-owned State Grid.

Peru’s gold output rose 2 percent on-year in January, to 368,885 ounces from 361,940 ounces. The government said it came on gains by mines operated by Newmont, up 23 percent, and Barrick, up 39 percent. Silver production rose 12 percent to 9.9 million ounces.

Goldman Sachs Group Inc. earned back its place as the largest bank by commodities revenue after JPMorgan Chase & Co. sold its physical raw-materials business.

The U.S. Federal Reserve delayed raising its crucial interest rate, and Fed chief Janet Yellen made clear that months of low rates are ahead. An exports-negative strong dollar complicated tightening, keeping too-low inflation down and clouding economic-growth outlooks. The Fed said business fixed investment is advancing, but called housing-sector recovery slow and export growth weak. Analysts said rates will likely rise gently, even after a midyear or September-or-beyond hike.

The European Central Bank (ECB) predicted 1.5-percent eurozone economic growth this year, 1.9 percent next and 2.1 percent in 2017. ECB President Mario Draghi indicated the economy is recovery bound with help from €1 trillion in ECB QE. As an export-friendly weaker euro dropped closer to dollar parity, the ECB slashed its 2015 inflation forecast to zero and predicted by-2017 inflation at its just-under-2-percent target.

China lowered its growth target from its 7.5-percent goal to 7 percent. The 2014 economy grew by 7.4 percent. Premier Li Kequiang said China will continue reforming state-owned businesses, liberalising banking and financial markets and speeding anti-corruption efforts.

Daily Prices

March 2015

Copper
Date(Fix.) ($/MT)
Average 5925.84
31-03-2015 6050.5
30-03-2015 6110
27-03-2015 6146
26-03-2015 6230
25-03-2015 6134.5
24-03-2015 6128
23-03-2015 6093.5
20-03-2015 5920
19-03-2015 5835
18-03-2015 5692.5
17-03-2015 5765
16-03-2015 5853
13-03-2015 5860
12-03-2015 5865.5
11-03-2015 5786
10-03-2015 5783.5
09-03-2015 5800
06-03-2015 5826.5
05-03-2015 5856
04-03-2015 5882
03-03-2015 5855
02-03-2015 5896
Silver
Date(Fix.) ($/OZ)
Average 16.22
31-03-2015 16.6
30-03-2015 16.65
27-03-2015 17.14
26-03-2015 17.13
25-03-2015 16.94
24-03-2015 16.97
23-03-2015 16.73
20-03-2015 16.17
19-03-2015 15.88
18-03-2015 15.47
17-03-2015 15.56
16-03-2015 15.58
13-03-2015 15.5
12-03-2015 15.68
11-03-2015 15.64
10-03-2015 15.78
09-03-2015 15.92
06-03-2015 15.99
05-03-2015 16.19
04-03-2015 16.32
03-03-2015 16.42
02-03-2015 16.63
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1180.64
31-03-2015 1179.25
30-03-2015 1187.4
27-03-2015 1198
26-03-2015 1209.4
25-03-2015 1192.55
24-03-2015 1193.25
23-03-2015 1181.4
20-03-2015 1171.75
19-03-2015 1164
18-03-2015 1149
17-03-2015 1154.75
16-03-2015 1157
13-03-2015 1156.5
12-03-2015 1161.25
11-03-2015 1158.75
10-03-2015 1161
09-03-2015 1173.75
06-03-2015 1196.5
05-03-2015 1199.75
04-03-2015 1204.25
03-03-2015 1207.75
02-03-2015 1216.75
Date(Fix.) ($/OZ)
Average 1179.63
31-03-2015 1183.125
30-03-2015 1186.45
27-03-2015 1196.875
26-03-2015 1206.275
25-03-2015 1194.075
24-03-2015 1192.375
23-03-2015 1183.825
20-03-2015 1177.425
19-03-2015 1165
18-03-2015 1148.125
17-03-2015 1152.75
16-03-2015 1153.875
13-03-2015 1154.25
12-03-2015 1156.75
11-03-2015 1154.375
10-03-2015 1161.5
09-03-2015 1171.125
06-03-2015 1186.125
05-03-2015 1200.875
04-03-2015 1201.875
03-03-2015 1210.25
02-03-2015 1214.625
Date(Fix.) ($/OZ)
Average 1178.63
31-03-2015 1187
30-03-2015 1185.5
27-03-2015 1195.75
26-03-2015 1203.15
25-03-2015 1195.6
24-03-2015 1191.5
23-03-2015 1186.25
20-03-2015 1183.1
19-03-2015 1166
18-03-2015 1147.25
17-03-2015 1150.75
16-03-2015 1150.75
13-03-2015 1152
12-03-2015 1152.25
11-03-2015 1150
10-03-2015 1162
09-03-2015 1168.5
06-03-2015 1175.75
05-03-2015 1202
04-03-2015 1199.5
03-03-2015 1212.75
02-03-2015 1212.5
Lead
Date(Fix.) ($/MT)
Average 1784.98
31-03-2015 1808
30-03-2015 1816
27-03-2015 1831
26-03-2015 1844
25-03-2015 1830
24-03-2015 1831
23-03-2015 1823.5
20-03-2015 1758.5
19-03-2015 1696
18-03-2015 1715
17-03-2015 1724
16-03-2015 1757
13-03-2015 1792
12-03-2015 1812.5
11-03-2015 1811.5
10-03-2015 1808
09-03-2015 1815
06-03-2015 1805
05-03-2015 1783.5
04-03-2015 1747
03-03-2015 1736
02-03-2015 1725
Zinc
Date(Fix.) ($/MT)
Average 2029.05
31-03-2015 2075.5
30-03-2015 2078.5
27-03-2015 2069
26-03-2015 2095.5
25-03-2015 2065.5
24-03-2015 2070
23-03-2015 2070
20-03-2015 2015
19-03-2015 2000
18-03-2015 1998
17-03-2015 1985
16-03-2015 2001
13-03-2015 2000.5
12-03-2015 2000
11-03-2015 2007.5
10-03-2015 2002.5
09-03-2015 2005
06-03-2015 1994.5
05-03-2015 2012.5
04-03-2015 2021
03-03-2015 2024
02-03-2015 2048.5
Tin
Date(Fix.) ($/MT)
Average 17460.45
31-03-2015 16730
30-03-2015 17100
27-03-2015 17300
26-03-2015 17265
25-03-2015 17400
24-03-2015 17525
23-03-2015 17500
20-03-2015 16930
19-03-2015 16805
18-03-2015 17120
17-03-2015 17360
16-03-2015 17350
13-03-2015 17405
12-03-2015 17405
11-03-2015 17725
10-03-2015 17850
09-03-2015 18030
06-03-2015 18075
05-03-2015 17900
04-03-2015 17930
03-03-2015 17775
02-03-2015 17650
Nickel
Date(Fix.) ($/MT)
Average 13745.68
31-03-2015 12460
30-03-2015 13045
27-03-2015 13260
26-03-2015 13615
25-03-2015 13680
24-03-2015 14025
23-03-2015 14200
20-03-2015 13955
19-03-2015 13630
18-03-2015 13575
17-03-2015 13560
16-03-2015 13805
13-03-2015 13850
12-03-2015 13825
11-03-2015 13975
10-03-2015 14075
09-03-2015 14415
06-03-2015 14085
05-03-2015 14055
04-03-2015 13830
03-03-2015 13600
02-03-2015 13885
Cobalt
Date(Fix.) ($/MT)
Average 27684.09
31-03-2015 27000
30-03-2015 27200
27-03-2015 27300
26-03-2015 27500
25-03-2015 27500
24-03-2015 27500
23-03-2015 27600
20-03-2015 27600
19-03-2015 27600
18-03-2015 27600
17-03-2015 27800
16-03-2015 27700
13-03-2015 27700
12-03-2015 27900
11-03-2015 28000
10-03-2015 28000
09-03-2015 27700
06-03-2015 27700
05-03-2015 27750
04-03-2015 27500
03-03-2015 28000
02-03-2015 28900