Monthly Metal Review

Overview (November 2015)

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

December 2015

Copper
Date(Fix.) ($/MT)
Average 4629.00
31-12-2015 4702
30-12-2015 4715
29-12-2015 4685
24-12-2015 4665.5
23-12-2015 4680
22-12-2015 4672.5
21-12-2015 4691
18-12-2015 4650
17-12-2015 4550
16-12-2015 4583
15-12-2015 4586
14-12-2015 4640
11-12-2015 4667
10-12-2015 4572
09-12-2015 4620
08-12-2015 4567.5
07-12-2015 4592.5
04-12-2015 4637
03-12-2015 4525
02-12-2015 4589
01-12-2015 4619
Silver
Date(Fix.) ($/OZ)
Average 14.05
31-12-2015 13.82
30-12-2015 13.82
29-12-2015 13.93
24-12-2015 14.2
23-12-2015 14.33
22-12-2015 14.24
21-12-2015 14.2
18-12-2015 13.82
17-12-2015 14.08
16-12-2015 13.74
15-12-2015 13.74
14-12-2015 13.71
11-12-2015 13.92
10-12-2015 14.17
09-12-2015 14.27
08-12-2015 14.24
07-12-2015 14.49
04-12-2015 14.13
03-12-2015 13.93
02-12-2015 14.14
01-12-2015 14.21
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1068.32
31-12-2015 1062.25
30-12-2015 1067.8
29-12-2015 1067.25
24-12-2015 1071.9
23-12-2015 1071.5
22-12-2015 1077
21-12-2015 1071.15
18-12-2015 1055.25
17-12-2015 1065.85
16-12-2015 1065.75
15-12-2015 1069.15
14-12-2015 1068
11-12-2015 1067.2
10-12-2015 1072
09-12-2015 1078.4
08-12-2015 1071.75
07-12-2015 1082.7
04-12-2015 1063
03-12-2015 1050.6
02-12-2015 1066.9
01-12-2015 1069.25
Date(Fix.) ($/OZ)
Average 1068.23
31-12-2015 1062.25
30-12-2015 1063.9
29-12-2015 1068.675
24-12-2015 1071.9
23-12-2015 1069.875
22-12-2015 1075.95
21-12-2015 1074.95
18-12-2015 1058.875
17-12-2015 1057.625
16-12-2015 1070.5
15-12-2015 1065.325
14-12-2015 1068.125
11-12-2015 1069.85
10-12-2015 1071.5
09-12-2015 1079.7
08-12-2015 1071.925
07-12-2015 1079.25
04-12-2015 1071.125
03-12-2015 1053.025
02-12-2015 1061.15
01-12-2015 1067.325
Date(Fix.) ($/OZ)
Average 1068.14
31-12-2015 1062.25
30-12-2015 1060
29-12-2015 1070.1
24-12-2015 1071.9
23-12-2015 1068.25
22-12-2015 1074.9
21-12-2015 1078.75
18-12-2015 1062.5
17-12-2015 1049.4
16-12-2015 1075.25
15-12-2015 1061.5
14-12-2015 1068.25
11-12-2015 1072.5
10-12-2015 1071
09-12-2015 1081
08-12-2015 1072.1
07-12-2015 1075.8
04-12-2015 1079.25
03-12-2015 1055.45
02-12-2015 1055.4
01-12-2015 1065.4
Lead
Date(Fix.) ($/MT)
Average 1701.29
31-12-2015 1802
30-12-2015 1788
29-12-2015 1763
24-12-2015 1747
23-12-2015 1735
22-12-2015 1720
21-12-2015 1719
18-12-2015 1669
17-12-2015 1635
16-12-2015 1676
15-12-2015 1714.5
14-12-2015 1712.5
11-12-2015 1717.5
10-12-2015 1684
09-12-2015 1709
08-12-2015 1670
07-12-2015 1686
04-12-2015 1669
03-12-2015 1641
02-12-2015 1639
01-12-2015 1630.5
Zinc
Date(Fix.) ($/MT)
Average 1522.10
31-12-2015 1600
30-12-2015 1592.5
29-12-2015 1559
24-12-2015 1535.5
23-12-2015 1522
22-12-2015 1504.5
21-12-2015 1503.5
18-12-2015 1498
17-12-2015 1461.5
16-12-2015 1480
15-12-2015 1499.5
14-12-2015 1524
11-12-2015 1532.5
10-12-2015 1502
09-12-2015 1521.5
08-12-2015 1494
07-12-2015 1537.5
04-12-2015 1529
03-12-2015 1505.5
02-12-2015 1531
01-12-2015 1531
Tin
Date(Fix.) ($/MT)
Average 14702.38
31-12-2015 14600
30-12-2015 14655
29-12-2015 14595
24-12-2015 14650
23-12-2015 14725
22-12-2015 14650
21-12-2015 14560
18-12-2015 14675
17-12-2015 14660
16-12-2015 14755
15-12-2015 14600
14-12-2015 14580
11-12-2015 14600
10-12-2015 14450
09-12-2015 14600
08-12-2015 14505
07-12-2015 14880
04-12-2015 14860
03-12-2015 14775
02-12-2015 15200
01-12-2015 15175
Nickel
Date(Fix.) ($/MT)
Average 8692.14
31-12-2015 8665
30-12-2015 8610
29-12-2015 8560
24-12-2015 8590
23-12-2015 8650
22-12-2015 8700
21-12-2015 8710
18-12-2015 8655
17-12-2015 8605
16-12-2015 8675
15-12-2015 8650
14-12-2015 8565
11-12-2015 8655
10-12-2015 8530
09-12-2015 8725
08-12-2015 8580
07-12-2015 8940
04-12-2015 9025
03-12-2015 8760
02-12-2015 8845
01-12-2015 8840
Cobalt
Date(Fix.) ($/MT)
Average 24235.24
31-12-2015 24000
30-12-2015 24590
29-12-2015 24700
24-12-2015 24900
23-12-2015 24500
22-12-2015 24500
21-12-2015 24900
18-12-2015 24500
17-12-2015 24600
16-12-2015 24500
15-12-2015 23500
14-12-2015 23500
11-12-2015 23000
10-12-2015 23500
09-12-2015 24500
08-12-2015 24500
07-12-2015 24000
04-12-2015 24500
03-12-2015 24250
02-12-2015 24000
01-12-2015 24000