Monthly Metal Review
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
A Chilean earthquake killed 11 people, disrupt-ed some mining operations and triggered tsunamis that damaged Coquimbo’s port. Water flooded a warehouse for Caserones-mine copper concentrate, but mine damage from the 8.3-magnitude quake ap-peared minimal. The largest copper-export ports re-ported no major damage, although a million people were evacuated along the coast. Codelco said its workers were uninjured, the Ventanas refining-smelting division restarted, and Andina mine restart-ing. Antofagasta temporarily closed its Los Pelambres mine, to restart it after inspections.
Responding to China’s Qingdao port metal-financing fraud, the London Metal Exchange will launch an electronic system in December to track metals stored beyond its warehouses. LME Shield will let the LME provide detailed electronic receipts for metal outside its system. Qingdao scammers were able to pledge a metal cargo multiple times as collat-eral for bank loans.
The U.S. Federal Reserve left benchmark inter-est rates unchanged at near-zero, citing concerns about weakening global growth, market turbulence and tepid inflation, however chairwoman Janet Yellen indicated at the end of the month the Fed is on track to raise rates this year.
UK wages grew at their fastest pace in six years in the three months to July. Average weekly earnings growth, excluding bonuses, rose by 2.9 percent May-
International Monetary Fund chief Christine Lagarde said the global economic-expansion outlook is less promising than the IMF anticipated in July. She said there’s a weaker-than-expected recovery in advanced economies and further slowdown in emerging economies, especially in Latin America. The IMF cut its world-growth forecast in July to 3.3 percent from 3.5 percent this year whilst maintain-ing its 2016 growth outlook at 3.8 percent.
China's industrial production was up 6.1 per cent on-year in August. Retail sales increased 10.8 per cent on-month fixed asset investment, a measure of government infrastructure spending, grew 10.9 per cent on-year in the January-August period.
China’s imports dropped 13.8 percent on-year in August amidst weak global commodity prices and sluggish demand. It was the tenth consecutive month of lower imports. Exports fell less, down 5.5 percent.
China’s industrial activity slowed in August as domestic and export orders fell, whilst the service sector showed cooling signs. The official manufac-turers purchasing managers’ index slid to 49.7 from July’s 50; the lowest since 2012. Readings above 50 indicate growth. New orders fell to 49.7 in August from July’s 49.9.