Monthly Metal Review

Overview

 Up to 25 percent of global nickel-producing ca-pacity must shut down if the industry is to be profita-ble again, warned a top executive at Norilsk Nickel.
Vice President Pavel Fedorov said nickel prices are unlikely to move higher unless unprofitable miners close mines and trim production. Russia’s Norilsk is the world’s second-biggest nickel producer, after Vale SA. Norilsk said it is still profitable, but nickel is one of the most-damaged commodities owing to oversupply and weaker China demand.
A bid by Brazil-based Vale for up to 15 percent of Australia’s Fortescue Mining Group could, if suc-cessful, create a JV capable of challenging Rio Tinto and BHP Billiton in the restructuring China-steel mar-ket. Fortescue signed a non-binding memo of under-standing with Vale.
The value of Bolivia’s January tin exports more than doubled on-year, although refined-tin shipments fell 9.8 percent to $22.6 million. But the government said silver-export values plunged 38 percent, to US$35.9 million, and lead dropped 26.3 percent, to US$9.2 million. Refined silver exports dropped by half, to US$3.8 million.
China will probably increase its 2016 copper ap-petite by just 0.6 percent, tumbling from an estimated 3.8-percent 2015 gain, London-based CRU consultan-cy said. It predicted that March’s price rally will be tem-porary, and forecast second-quarter prices at an aver-age US$4,529. China’s February refined-copper im-ports soared 56 percent on-year to 328,604 tonnes. But CRU said unused semi-fabricated-metal stocks accumulated. It forecast U.S. copper demand growing by 2.1 percent and by 1.4 per cent in Europe. India demand is predicted to rise 6.2 per cent. Supply should be in a minor deficit of 73,000 tonnes this year, counting some 144,000 tonnes from mine cut-backs. Both 2017 and 2018 should see surplus, it said.
The European Central Bank cut its prime inter-est rate to almost zero, from 0.05 percent, attempting to jump-start the eurozone economy and counter deflation. The ECB boosted quantitative easing to €80 billion monthly (US$88.8 billion), up from €60 billion (US$66.6 billion), and slashed 2016’s inflation forecast to almost zero, from 1 percent. It cut growth fore-casts, blaming weaker global-growth prospects. It expects 1.4-percent 2016 growth, down from De-cember’s plus-1.7-percent prediction. It kept a 1.4- percent 2017 growth forecast and predicted 1.8-percent 2018 expansion.
China’s exports dropped 25.4 percent on-year in dollar terms in February; the biggest single-month fall since 2009. Still, China’s Premier lauded an opti-mistic 6.5-percent average-growth target for the next five years. China will raise deficit spending to stimulate its economy. Proposals include railroad and road-project growth, which would require more metal ores.

Daily Prices

March 2016

Copper
Date(Fix.) ($/MT)
Average 4947.55
31-03-2016 4855.5
30-03-2016 4940
29-03-2016 4939.5
24-03-2016 4931
23-03-2016 5060.5
22-03-2016 5070
21-03-2016 5079.5
18-03-2016 5103
17-03-2016 5029
16-03-2016 4945
15-03-2016 4920
14-03-2016 4994
11-03-2016 4941
10-03-2016 4920.5
09-03-2016 4935.5
08-03-2016 4980.5
07-03-2016 5000
04-03-2016 4918
03-03-2016 4830
02-03-2016 4780
01-03-2016 4726
Silver
Date(Fix.) ($/OZ)
Average 15.42
31-03-2016 15.38
30-03-2016 15.38
29-03-2016 15.06
24-03-2016 15.28
23-03-2016 15.58
22-03-2016 15.89
21-03-2016 15.81
18-03-2016 15.94
17-03-2016 15.73
16-03-2016 15.29
15-03-2016 15.32
14-03-2016 15.6
11-03-2016 15.5
10-03-2016 15.27
09-03-2016 15.27
08-03-2016 15.66
07-03-2016 15.66
04-03-2016 15.43
03-03-2016 14.97
02-03-2016 14.82
01-03-2016 14.99
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1246.31
31-03-2016 1233.6
30-03-2016 1238.2
29-03-2016 1216.45
24-03-2016 1216.45
23-03-2016 1232.2
22-03-2016 1251.8
21-03-2016 1244.25
18-03-2016 1254.5
17-03-2016 1269.6
16-03-2016 1233.1
15-03-2016 1233.6
14-03-2016 1256.55
11-03-2016 1262.25
10-03-2016 1247.25
09-03-2016 1258.25
08-03-2016 1274.1
07-03-2016 1267.6
04-03-2016 1271.5
03-03-2016 1241.95
02-03-2016 1229.35
01-03-2016 1240
Date(Fix.) ($/OZ)
Average 1246.33
31-03-2016 1235.3
30-03-2016 1237.225
29-03-2016 1221.225
24-03-2016 1218.725
23-03-2016 1224.9
22-03-2016 1252.15
21-03-2016 1244.575
18-03-2016 1253.3
17-03-2016 1268.05
16-03-2016 1230.8
15-03-2016 1232.8
14-03-2016 1249.65
11-03-2016 1263.5
10-03-2016 1256.875
09-03-2016 1252.325
08-03-2016 1270.55
07-03-2016 1267.75
04-03-2016 1274.5
03-03-2016 1246.1
02-03-2016 1234.275
01-03-2016 1238.25
Date(Fix.) ($/OZ)
Average 1246.34
31-03-2016 1237
30-03-2016 1236.25
29-03-2016 1226
24-03-2016 1221
23-03-2016 1217.6
22-03-2016 1252.5
21-03-2016 1244.9
18-03-2016 1252.1
17-03-2016 1266.5
16-03-2016 1228.5
15-03-2016 1232
14-03-2016 1242.75
11-03-2016 1264.75
10-03-2016 1266.5
09-03-2016 1246.4
08-03-2016 1267
07-03-2016 1267.9
04-03-2016 1277.5
03-03-2016 1250.25
02-03-2016 1239.2
01-03-2016 1236.5
Lead
Date(Fix.) ($/MT)
Average 1808.02
31-03-2016 1704.5
30-03-2016 1738
29-03-2016 1744
24-03-2016 1755
23-03-2016 1795
22-03-2016 1810
21-03-2016 1806.5
18-03-2016 1820.5
17-03-2016 1812
16-03-2016 1768
15-03-2016 1797
14-03-2016 1841
11-03-2016 1840
10-03-2016 1853
09-03-2016 1858
08-03-2016 1878
07-03-2016 1896.5
04-03-2016 1849
03-03-2016 1831.5
02-03-2016 1795
01-03-2016 1776
Zinc
Date(Fix.) ($/MT)
Average 1804.64
31-03-2016 1785
30-03-2016 1791.5
29-03-2016 1774.5
24-03-2016 1777
23-03-2016 1855
22-03-2016 1860
21-03-2016 1844.5
18-03-2016 1847.5
17-03-2016 1794.5
16-03-2016 1738.5
15-03-2016 1753.5
14-03-2016 1810
11-03-2016 1792
10-03-2016 1798
09-03-2016 1798
08-03-2016 1805
07-03-2016 1834
04-03-2016 1839
03-03-2016 1831.5
02-03-2016 1796.5
01-03-2016 1772
Tin
Date(Fix.) ($/MT)
Average 16995.95
31-03-2016 16900
30-03-2016 16975
29-03-2016 17375
24-03-2016 17625
23-03-2016 17575
22-03-2016 17100
21-03-2016 17000
18-03-2016 17155
17-03-2016 17025
16-03-2016 16910
15-03-2016 16755
14-03-2016 17175
11-03-2016 17075
10-03-2016 16975
09-03-2016 16850
08-03-2016 17085
07-03-2016 17350
04-03-2016 16950
03-03-2016 16600
02-03-2016 16300
01-03-2016 16160
Nickel
Date(Fix.) ($/MT)
Average 8704.05
31-03-2016 8280
30-03-2016 8425
29-03-2016 8575
24-03-2016 8580
23-03-2016 8625
22-03-2016 8650
21-03-2016 8615
18-03-2016 8855
17-03-2016 8645
16-03-2016 8460
15-03-2016 8535
14-03-2016 8705
11-03-2016 8770
10-03-2016 8735
09-03-2016 8785
08-03-2016 9040
07-03-2016 9375
04-03-2016 9050
03-03-2016 8785
02-03-2016 8760
01-03-2016 8535
Cobalt
Date(Fix.) ($/MT)
Average 23158.57
31-03-2016 22200
30-03-2016 22900
29-03-2016 23010
24-03-2016 23050
23-03-2016 23100
22-03-2016 23200
21-03-2016 23205
18-03-2016 23200
17-03-2016 23205
16-03-2016 23100
15-03-2016 23205
14-03-2016 23000
11-03-2016 23300
10-03-2016 23050
09-03-2016 23000
08-03-2016 23200
07-03-2016 23305
04-03-2016 23600
03-03-2016 23600
02-03-2016 23600
01-03-2016 23300