Monthly Metal Review

Overview

Mining acquisitions by Chinese firms surged by 63 percent in 2015’s first four months. China’s new rules permit most overseas deals below US$1 billion without Beijing’s approval.
The 19 euro-using countries reported the fast-est economic growth in two years in May, whilst Eu-rozone consumer prices stopped falling in April. Eu-ropean Central Bank President Mario Draghi said ECB stimuli are countering deflation and stagnation, but need time to bring inflation to healthy levels and restore confidence. The bloc’s first-quarter economy grew by 0.4 percent. Germany’s 0.3-percent growth was slightly below expectations.
France’s economy grew at its fastest since 2013. First-quarter GDP rose by 0.6 percent, twice that of the UK.
In the UK, the Bank of England cut its growth forecast, saying inflation will likely rise later this year, and that it will begin raising interest rates in about a year. It expects 2.5-percent 2015 economic growth, down from February’s 2.9-percent projection, and for next year from 2.9 percent to 2.6 percent.
The UK Prime Minister, who solidified Parlia-mentary control in May, was considering moving a referendum on quitting the EU to next year, not 2017. Bank of England Governor Mark Carney said a quick referendum could relieve business uncertainty.
Most U.S. Federal Reserve officials ruled out a June interest-rate rise, owing to an early-year eco-
nomic slump and sluggish inflation that removed a need for higher rates to slow rising prices. Most agreed that labor-market improvements have slowed. Analysts predicted a late-year or 2016 rate rise.
Global banks warned that a May rally in some industrial commodities and oil came ahead of eco-nomic reality, threatening a summer price slide. Deutsche Bank, Barclays, and Morgan Stanley coun-seled investors to be wary as base metals and energy could lose to speculative flows in derivatives mar-kets.
BHP Blliton shareholders overwhelmingly ap-proved spinning non-core assets into the new South32. BHP keeps top-tier assets, focusing on copper, iron ore, coal, potash, and oil. BHP said 2016 capex should drop to US$9 billion from this year’s US$12.6 billion. With a strong balance sheet and credit, South32 takes smaller assets: non-core silver/lead/zinc, aluminium, manganese, Columbia’s Cerro Matoso nickel, and some Australian coal.
Australian and southeast-Asia miners likely face drier weather later this year. Australia’s Bureau of Meteorology said a substantial early-year El Ni�o event has begun, risking worsening inland drought and higher temperatures. Rainfall tends to shift eastward during El Nino’s. They are linked to wetter weather in South and North America, affecting met-al prices.

Daily Prices

May 2015

Copper
Date(Fix.) ($/MT)
Average 6300.61
29-05-2015 6088.5
28-05-2015 6117
27-05-2015 6085
26-05-2015 6134.5
22-05-2015 6197.5
21-05-2015 6240
20-05-2015 6208
19-05-2015 6270
18-05-2015 6383
15-05-2015 6356
14-05-2015 6399
13-05-2015 6416
12-05-2015 6448
11-05-2015 6363
08-05-2015 6396.5
07-05-2015 6437
06-05-2015 6400.5
05-05-2015 6410
01-05-2015 6362
Silver
Date(Fix.) ($/OZ)
Average 16.80
29-05-2015 16.67
28-05-2015 16.68
27-05-2015 16.66
26-05-2015 16.79
22-05-2015 17.25
21-05-2015 17.18
20-05-2015 17.07
19-05-2015 17.4
18-05-2015 17.7
15-05-2015 17.25
14-05-2015 17.4
13-05-2015 16.65
12-05-2015 16.46
11-05-2015 16.39
08-05-2015 16.31
07-05-2015 16.35
06-05-2015 16.41
05-05-2015 16.42
01-05-2015 16.17
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1197.68
29-05-2015 1190.4
28-05-2015 1189.45
27-05-2015 1187.85
26-05-2015 1194
22-05-2015 1211
21-05-2015 1209.6
20-05-2015 1206.75
19-05-2015 1219.65
18-05-2015 1228.15
15-05-2015 1216.3
14-05-2015 1214.75
13-05-2015 1193
12-05-2015 1184.45
11-05-2015 1184.75
08-05-2015 1185.25
07-05-2015 1183
06-05-2015 1191.25
05-05-2015 1187.4
01-05-2015 1179
Date(Fix.) ($/OZ)
Average 1198.37
29-05-2015 1190.9
28-05-2015 1187.225
27-05-2015 1186.85
26-05-2015 1189.7
22-05-2015 1207.55
21-05-2015 1207.3
20-05-2015 1208.625
19-05-2015 1216.975
18-05-2015 1225.825
15-05-2015 1218.4
14-05-2015 1219.875
13-05-2015 1201.75
12-05-2015 1187.975
11-05-2015 1187
08-05-2015 1185.625
07-05-2015 1185
06-05-2015 1192.75
05-05-2015 1192.2
01-05-2015 1177.475
Date(Fix.) ($/OZ)
Average 1199.05
29-05-2015 1191.4
28-05-2015 1185
27-05-2015 1185.85
26-05-2015 1185.4
22-05-2015 1204.1
21-05-2015 1205
20-05-2015 1210.5
19-05-2015 1214.3
18-05-2015 1223.5
15-05-2015 1220.5
14-05-2015 1225
13-05-2015 1210.5
12-05-2015 1191.5
11-05-2015 1189.25
08-05-2015 1186
07-05-2015 1187
06-05-2015 1194.25
05-05-2015 1197
01-05-2015 1175.95
Lead
Date(Fix.) ($/MT)
Average 2003.84
29-05-2015 1959.5
28-05-2015 1968
27-05-2015 1921
26-05-2015 1932
22-05-2015 1942.5
21-05-2015 1952.5
20-05-2015 1919
19-05-2015 1936
18-05-2015 1960
15-05-2015 1961.5
14-05-2015 1994.5
13-05-2015 2039
12-05-2015 2021
11-05-2015 2023
08-05-2015 2070
07-05-2015 2080.5
06-05-2015 2114
05-05-2015 2140
01-05-2015 2139
Zinc
Date(Fix.) ($/MT)
Average 2289.63
29-05-2015 2212.5
28-05-2015 2220
27-05-2015 2166
26-05-2015 2178
22-05-2015 2168.5
21-05-2015 2193.5
20-05-2015 2203
19-05-2015 2255
18-05-2015 2294.5
15-05-2015 2284.5
14-05-2015 2335.5
13-05-2015 2377
12-05-2015 2360
11-05-2015 2330
08-05-2015 2382.5
07-05-2015 2382
06-05-2015 2405
05-05-2015 2400
01-05-2015 2355.5
Tin
Date(Fix.) ($/MT)
Average 15827.37
29-05-2015 15450
28-05-2015 15455
27-05-2015 15345
26-05-2015 15675
22-05-2015 15820
21-05-2015 15900
20-05-2015 15950
19-05-2015 15800
18-05-2015 16005
15-05-2015 15800
14-05-2015 15730
13-05-2015 15950
12-05-2015 15950
11-05-2015 15655
08-05-2015 15950
07-05-2015 16055
06-05-2015 16020
05-05-2015 16010
01-05-2015 16200
Nickel
Date(Fix.) ($/MT)
Average 13508.95
29-05-2015 12675
28-05-2015 12840
27-05-2015 12625
26-05-2015 12650
22-05-2015 12710
21-05-2015 13015
20-05-2015 12830
19-05-2015 13390
18-05-2015 13685
15-05-2015 13655
14-05-2015 13830
13-05-2015 14040
12-05-2015 14120
11-05-2015 14285
08-05-2015 14100
07-05-2015 13915
06-05-2015 14415
05-05-2015 14130
01-05-2015 13760
Cobalt
Date(Fix.) ($/MT)
Average 30260.53
29-05-2015 30600
28-05-2015 30750
27-05-2015 30600
26-05-2015 30600
22-05-2015 30600
21-05-2015 30100
20-05-2015 30000
19-05-2015 30100
18-05-2015 30200
15-05-2015 30200
14-05-2015 30200
13-05-2015 30200
12-05-2015 30100
11-05-2015 30000
08-05-2015 30000
07-05-2015 30100
06-05-2015 30100
05-05-2015 30200
01-05-2015 30300