Monthly Metal Review

Overview

The Federal Reserve signaled that it is likely to raise U.S. interest rates in mid-December if job-growth and inflation trends don’t falter. A 0.2-percent October consumer-price rise and a robust November employ-ment report added upward pressure.
The U.S. added 271,000 jobs, topping an ex-pected 185,000. The unemployment rate fell to 5.0 per-cent, from 5.1 and the best since 2008. A November copper selloff came as the U.S. dollar reached a 12-year high on rate-rise expectations. Moody’s said metals’ hard times will likely worsen through 2016. Slowing growth in China and Brazil, muted conditions in Eu-rope and plodding U.S. recovery will pressure global base-metal prices, the ratings agency warned.
Moody’s said base-metal prices won't change much over the next 12-to-18 months, and could face downside risk. Goldman Sachs warned that base-metal prices would stay low or fall further without higher demand or production cuts.
European Central Bank President Mario Draghi signaled new economic stimuli to come in early De-cember, saying normalizing lagging inflation could take longer than thought.
UK unemployment fell to a seven-year low of 5.2 percent in the third quarter, the best since 2008. Some 31.21 million people were working, up 177,000 on-quarter. Employee earnings, including bonuses, rose 3 percent on-year. Teck Resources said it will cut 9 percent of its workforce through attrition and layoffs on low commodity prices. The 1,000-position cuts include senior management and should bring global reductions to 2,000 in 18 months. The Canadi-an miner expects to eliminate C$650 million (US$488 million) in 2016 spending.
Cheap, oversupplied oil will likely continue through this decade, not reaching US$80 a barrel until 2020 or later, the International Energy Agency (IEA) said. Demand should rise less than 1 percent yearly until 2020. The IEA forecast oil-demand growth al-most halting then, rising 5 percent in the next 20 years. The UK’s Department of Energy and Climate Change slashed its 2020 wholesale-gas-price estimate by 14 percent.
Eurozone business activity grew in November as a weak euro and price cuts helped boost export orders. But low inflation is still a policy problem.
Trade volumes on the London Metal Ex-change (LME) fell 3 percent on-year in 2015’s first nine months on slowed global growth and weak commodity prices. But owner Hong Kong Exchanges & Clearing’s (HKEx) third-quarter results showed overall profit surged 80 percent.
Third-quarter Eurozone economic growth had slowed on-quarter to 0.3 percent, from 0.4 percent, whilst Germany slowed from 0.4-percent expansion to 0.3 percent growth, hindered by weaker interna-tional trade.

Daily Prices

November 2015

Copper
Date(Fix.) ($/MT)
Average 4808.24
30-11-2015 4595.5
27-11-2015 4636
26-11-2015 4667
25-11-2015 4541
24-11-2015 4527
23-11-2015 4515.5
20-11-2015 4690
19-11-2015 4610
18-11-2015 4669
17-11-2015 4700
16-11-2015 4765
13-11-2015 4825
12-11-2015 4872.5
11-11-2015 4931
10-11-2015 4933.5
09-11-2015 4990
06-11-2015 5000
05-11-2015 5053
04-11-2015 5165.5
03-11-2015 5149
02-11-2015 5137.5
Silver
Date(Fix.) ($/OZ)
Average 14.51
30-11-2015 14.08
27-11-2015 14.11
26-11-2015 14.29
25-11-2015 14.07
24-11-2015 14.14
23-11-2015 13.98
20-11-2015 14.29
19-11-2015 14.21
18-11-2015 14.17
17-11-2015 14.25
16-11-2015 14.36
13-11-2015 14.39
12-11-2015 14.39
11-11-2015 14.44
10-11-2015 14.55
09-11-2015 14.78
06-11-2015 15.08
05-11-2015 15.02
04-11-2015 15.26
03-11-2015 15.38
02-11-2015 15.4
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1088.39
30-11-2015 1055.65
27-11-2015 1064.65
26-11-2015 1070.5
25-11-2015 1072.2
24-11-2015 1073
23-11-2015 1068.35
20-11-2015 1085.15
19-11-2015 1073.1
18-11-2015 1070.5
17-11-2015 1080.8
16-11-2015 1094.5
13-11-2015 1083.75
12-11-2015 1087.6
11-11-2015 1088.6
10-11-2015 1092.5
09-11-2015 1095.6
06-11-2015 1107.7
05-11-2015 1107.3
04-11-2015 1118
03-11-2015 1130.9
02-11-2015 1135.8
Date(Fix.) ($/OZ)
Average 1087.05
30-11-2015 1058.775
27-11-2015 1061.025
26-11-2015 1070.75
25-11-2015 1070.1
24-11-2015 1074.7
23-11-2015 1069.425
20-11-2015 1083.45
19-11-2015 1077.85
18-11-2015 1069.125
17-11-2015 1080
16-11-2015 1089.625
13-11-2015 1082.625
12-11-2015 1087.5
11-11-2015 1087.25
10-11-2015 1089.8
09-11-2015 1092.6
06-11-2015 1098.3
05-11-2015 1106.8
04-11-2015 1116.35
03-11-2015 1127
02-11-2015 1134.9
Date(Fix.) ($/OZ)
Average 1085.70
30-11-2015 1061.9
27-11-2015 1057.4
26-11-2015 1071
25-11-2015 1068
24-11-2015 1076.4
23-11-2015 1070.5
20-11-2015 1081.75
19-11-2015 1082.6
18-11-2015 1067.75
17-11-2015 1079.2
16-11-2015 1084.75
13-11-2015 1081.5
12-11-2015 1087.4
11-11-2015 1085.9
10-11-2015 1087.1
09-11-2015 1089.6
06-11-2015 1088.9
05-11-2015 1106.3
04-11-2015 1114.7
03-11-2015 1123.1
02-11-2015 1134
Lead
Date(Fix.) ($/MT)
Average 1615.98
30-11-2015 1630
27-11-2015 1613.5
26-11-2015 1640
25-11-2015 1593
24-11-2015 1593
23-11-2015 1555
20-11-2015 1617
19-11-2015 1561.5
18-11-2015 1573.5
17-11-2015 1589
16-11-2015 1597
13-11-2015 1593.5
12-11-2015 1592.5
11-11-2015 1596
10-11-2015 1630.5
09-11-2015 1652
06-11-2015 1639
05-11-2015 1647
04-11-2015 1677.5
03-11-2015 1671
02-11-2015 1674
Zinc
Date(Fix.) ($/MT)
Average 1582.29
30-11-2015 1545
27-11-2015 1541.5
26-11-2015 1601.5
25-11-2015 1555.5
24-11-2015 1548.5
23-11-2015 1505
20-11-2015 1577.5
19-11-2015 1487
18-11-2015 1511.5
17-11-2015 1553
16-11-2015 1578
13-11-2015 1586
12-11-2015 1570.5
11-11-2015 1568
10-11-2015 1596.5
09-11-2015 1639.5
06-11-2015 1627
05-11-2015 1635.5
04-11-2015 1674.5
03-11-2015 1654
02-11-2015 1672.5
Tin
Date(Fix.) ($/MT)
Average 14742.62
30-11-2015 14985
27-11-2015 15015
26-11-2015 14955
25-11-2015 14595
24-11-2015 14230
23-11-2015 14525
20-11-2015 14795
19-11-2015 14600
18-11-2015 14660
17-11-2015 14800
16-11-2015 14845
13-11-2015 14775
12-11-2015 14655
11-11-2015 14750
10-11-2015 14595
09-11-2015 14555
06-11-2015 14710
05-11-2015 14750
04-11-2015 14880
03-11-2015 14995
02-11-2015 14925
Nickel
Date(Fix.) ($/MT)
Average 9232.14
30-11-2015 8735
27-11-2015 8765
26-11-2015 9120
25-11-2015 8650
24-11-2015 8425
23-11-2015 8160
20-11-2015 8900
19-11-2015 8885
18-11-2015 8955
17-11-2015 9165
16-11-2015 9405
13-11-2015 9365
12-11-2015 9370
11-11-2015 9450
10-11-2015 9495
09-11-2015 9600
06-11-2015 9725
05-11-2015 9690
04-11-2015 9970
03-11-2015 9995
02-11-2015 10050
Cobalt
Date(Fix.) ($/MT)
Average 24716.67
30-11-2015 25000
27-11-2015 24250
26-11-2015 23500
25-11-2015 23500
24-11-2015 23500
23-11-2015 23500
20-11-2015 23500
19-11-2015 23500
18-11-2015 24000
17-11-2015 24000
16-11-2015 24150
13-11-2015 24550
12-11-2015 24550
11-11-2015 26000
10-11-2015 26000
09-11-2015 26000
06-11-2015 25700
05-11-2015 25700
04-11-2015 26000
03-11-2015 26000
02-11-2015 26150