Monthly Metal Review

Overview

Despite low commodity prices, BHP Billiton will expand its copper and oil exploration programme to prepare for after-slump growth. The miner is to ear-mark US$5 billion for capital projects. It said a relatively small US$1.5-billion investment in already-operating assets could boost group output by 10 percent. BHP said it could decide next year on $2.2-billion expansion at its Spence mine in Chile, which produced 175,600 tonnes of copper in 2015. Other miners, however, continue shedding assets.
Freeport-McMoRan agreed to sell its 80-percent stake in the high-grade Tenke Fungurume mine in the Democratic Republic of Congo to China Molydbenum (CMOC) for some US$2.65 billion. Freeport has been selling assets to deal with its US$20-billion debt. CMOC said the Tenke mine produced 204,000 copper tonnes in 2015, generating revenue of US$1.4 billion and EBITDA of US$513 million. Lundin Mining owns 24 percent of Tenke and has three months to use its right of first refusal to buy the in-play stake. The DRC’s state miner has the remainder.
Minutes from a late-April U.S. Federal Reserve policy meeting suggested members were open to a June interest-rate rise. But most want signs of econom-ic growth and firming employment and inflation first.
The U.S. economy added 160,000 jobs in April, down from March’s 208,000 new-jobs figure. The jobless rate stayed at 5 percent, but average hourly pay rose by 2.5 percent. First-quarter economic growth slowed to an annual 0.5-percent pace. The middling jobs report could work against a Fed rate rise at its June 14 and 15 meeting.
The eurozone economy topped its pre-financial-crash size, growing by 0.6 percent in the first quarter. Growth doubled on-quarter, making the EU economy bigger than at the start of 2008. EU unem-ployment fell to 10.2 percent in March, but remains above its 2008 rate. Splash effects of a planned June 22 UK Brexit vote are unknown.
The European Commission again lowered its eurozone inflation forecasts for 2016 and 2017, blam-ing global weakness and low oil prices. It predicted inflation would rise just 0.2 percent this year, down from February’s 0.5 percent forecast and November’s 1-percent prediction.
China’s April industrial output rose by 6 per-cent on-year, down from 6.8-percent expansion in March. Fixed-asset investment jumped by 10.5 per-cent January to April, compared to a 10.7 percent first-quarter gain a year ago. Retail sales grew by 10.1 percent on-year, weaker than March’s 10.5-percent gain. China’s president linked slower growth to a lower-than-expected 7.6-percent on-year rise in mili-tary spending. But property sales soared 44 percent on-year and new housing starts jumped by 26 per-cent.

Daily Prices

May 2016

Copper
Date(Fix.) ($/MT)
Average 4708.35
31-05-2016 4700
27-05-2016 4725.5
26-05-2016 4705.5
25-05-2016 4636
24-05-2016 4637
23-05-2016 4572
20-05-2016 4630.5
19-05-2016 4596
18-05-2016 4600.5
17-05-2016 4634
16-05-2016 4640.5
13-05-2016 4660
12-05-2016 4744
11-05-2016 4748
10-05-2016 4710
09-05-2016 4739.5
06-05-2016 4810
05-05-2016 4826
04-05-2016 4892
03-05-2016 4960
Silver
Date(Fix.) ($/OZ)
Average 16.89
31-05-2016 16.06
27-05-2016 16.3
26-05-2016 16.46
25-05-2016 16.21
24-05-2016 16.27
23-05-2016 16.31
20-05-2016 16.56
19-05-2016 16.6
18-05-2016 17.05
17-05-2016 17.08
16-05-2016 17.32
13-05-2016 17.09
12-05-2016 17.23
11-05-2016 17.51
10-05-2016 17.04
09-05-2016 17.33
06-05-2016 17.31
05-05-2016 17.38
04-05-2016 17.18
03-05-2016 17.49
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1259.76
31-05-2016 1210.5
27-05-2016 1221.25
26-05-2016 1226.65
25-05-2016 1220.75
24-05-2016 1242.65
23-05-2016 1250.4
20-05-2016 1256.5
19-05-2016 1253.75
18-05-2016 1270.9
17-05-2016 1270.1
16-05-2016 1281
13-05-2016 1275.15
12-05-2016 1268.3
11-05-2016 1271.8
10-05-2016 1264.85
09-05-2016 1277.75
06-05-2016 1280.25
05-05-2016 1275.75
04-05-2016 1280.3
03-05-2016 1296.5
Date(Fix.) ($/OZ)
Average 1259.58
31-05-2016 1211.3
27-05-2016 1218.75
26-05-2016 1225.25
25-05-2016 1220.675
24-05-2016 1239.75
23-05-2016 1248.15
20-05-2016 1255.35
19-05-2016 1250
18-05-2016 1271.9
17-05-2016 1273.55
16-05-2016 1283.375
13-05-2016 1270.525
12-05-2016 1273.775
11-05-2016 1274.325
10-05-2016 1263.825
09-05-2016 1271.5
06-05-2016 1284.625
05-05-2016 1278
04-05-2016 1281.65
03-05-2016 1295.25
Date(Fix.) ($/OZ)
Average 1259.40
31-05-2016 1212.1
27-05-2016 1216.25
26-05-2016 1223.85
25-05-2016 1220.6
24-05-2016 1236.85
23-05-2016 1245.9
20-05-2016 1254.2
19-05-2016 1246.25
18-05-2016 1272.9
17-05-2016 1277
16-05-2016 1285.75
13-05-2016 1265.9
12-05-2016 1279.25
11-05-2016 1276.85
10-05-2016 1262.8
09-05-2016 1265.25
06-05-2016 1289
05-05-2016 1280.25
04-05-2016 1283
03-05-2016 1294
Lead
Date(Fix.) ($/MT)
Average 1714.43
31-05-2016 1691.5
27-05-2016 1694
26-05-2016 1667
25-05-2016 1646
24-05-2016 1651.5
23-05-2016 1646.5
20-05-2016 1694.5
19-05-2016 1696
18-05-2016 1702
17-05-2016 1720
16-05-2016 1701.5
13-05-2016 1724
12-05-2016 1750.5
11-05-2016 1784.5
10-05-2016 1750
09-05-2016 1737
06-05-2016 1741.5
05-05-2016 1745
04-05-2016 1765.5
03-05-2016 1780
Zinc
Date(Fix.) ($/MT)
Average 1871.20
31-05-2016 1924
27-05-2016 1902.5
26-05-2016 1882.5
25-05-2016 1821
24-05-2016 1827
23-05-2016 1832
20-05-2016 1877
19-05-2016 1858
18-05-2016 1878.5
17-05-2016 1877.5
16-05-2016 1870.5
13-05-2016 1871
12-05-2016 1909.5
11-05-2016 1890.5
10-05-2016 1848.5
09-05-2016 1860
06-05-2016 1865.5
05-05-2016 1860.5
04-05-2016 1875
03-05-2016 1893
Tin
Date(Fix.) ($/MT)
Average 16745.75
31-05-2016 16200
27-05-2016 16250
26-05-2016 15725
25-05-2016 15500
24-05-2016 15770
23-05-2016 15925
20-05-2016 16470
19-05-2016 16705
18-05-2016 16825
17-05-2016 16975
16-05-2016 16900
13-05-2016 16800
12-05-2016 17350
11-05-2016 17350
10-05-2016 17250
09-05-2016 17425
06-05-2016 17400
05-05-2016 17420
04-05-2016 17350
03-05-2016 17325
Nickel
Date(Fix.) ($/MT)
Average 8689.25
31-05-2016 8465
27-05-2016 8375
26-05-2016 8375
25-05-2016 8340
24-05-2016 8340
23-05-2016 8310
20-05-2016 8525
19-05-2016 8490
18-05-2016 8585
17-05-2016 8630
16-05-2016 8640
13-05-2016 8585
12-05-2016 8775
11-05-2016 8780
10-05-2016 8635
09-05-2016 8730
06-05-2016 8960
05-05-2016 9300
04-05-2016 9390
03-05-2016 9555
Cobalt
Date(Fix.) ($/MT)
Average 23589.25
31-05-2016 24100
27-05-2016 23500
26-05-2016 23500
25-05-2016 23305
24-05-2016 23600
23-05-2016 23300
20-05-2016 24000
19-05-2016 23255
18-05-2016 23310
17-05-2016 23010
16-05-2016 23750
13-05-2016 23400
12-05-2016 24000
11-05-2016 23500
10-05-2016 23500
09-05-2016 23505
06-05-2016 24000
05-05-2016 23750
04-05-2016 24000
03-05-2016 23500