Monthly Metal Review

Overview

BHP Billiton declared force majeure on shipments from the largest copper mine, Escondida in Chile, after workers began a strike. A 20-day stoppage would produce an output loss of some 64,000 tonnes, BHP had lost over an estimated 41,000 tonnes of copper production by late February. In Indonesia, Freeport-McMoRan declared force majeure on copper-concentrate shipments from its giant Grasberg mine following a weeks-long export stoppage over new mining rules. It has been negotiating with the government about its mining license. Escondida and Grasberg together represent some 10 percent of global supply. Indonesia set new export taxes of up to 7.5 percent for semi-processed metals including lead, zinc, iron and copper concentrate, with rates depending on progress companies make in developing on-shore smelters. Nickel ore with a nickel content of less than 1.7 percent will get a10-percent flat rate. The Philippines government extended its crackdown on miners in environmentally sensitive areas by cancelling 75 mining contracts. It had already shut more than half of the country's operating mines. As quoted by the Bank of England, the cost of manufactured goods in the future will rise later this year, as food and fuel costs already have. UK inflation rose to its highest rate since 2014 in December. The annual rate of Consumer Prices Index (CPI) inflation rose to 1.6 percent, up from 1.2 percent in November. Germany posted its highest budget surplus since 1991. It was in the black by €23.7 billion last year, with local, state and central government coffers benefiting from record-low unemployment and cheap debt finance stemming from the European Central Bank’s buys of sovereign bonds. Exports climbed 1.2 percent to €1.2 trillion in 2016, while imports rose 0.6 percent to €954.6 billion. U.S. Federal Reserve Chairwoman Janet Yellen said the Fed will likely need to raise interest rates this year, but wouldn’t say when. The first 2017 rate hike could come at the Fed meeting in March or in June. Rio Tinto’s CEO warned of rising macro-geopolitical risk and said Rio expects China to continue providing economic stimulus for much of 2017. In a thinly-veiled reference to Brexit and the new U.S. president, Jean-Sebastien Jacques warned of global uncertainty while highlighting the importance of free trade to the miner's fortunes. The U.S. economy added 227,000 jobs in January, well above economists' forecasts and up from December’s 157,000 new jobs. But wages barely rose, and the number of people working part-time but looking for full-time work was up.

Daily Prices

February 2017

Copper
Date(Fix.) ($/MT)
Average 5941.55
28-02-2017 5936
27-02-2017 5927
24-02-2017 5881
23-02-2017 5991
22-02-2017 5976
21-02-2017 6034
20-02-2017 6002
17-02-2017 5939
16-02-2017 6015
15-02-2017 6016
14-02-2017 6145
13-02-2017 6111
10-02-2017 5872
09-02-2017 5863
08-02-2017 5865
07-02-2017 5802
06-02-2017 5786
03-02-2017 5836
02-02-2017 5903
01-02-2017 5931
Silver
Date(Fix.) ($/OZ)
Average 17.87
28-02-2017 18.28
27-02-2017 18.34
24-02-2017 18.27
23-02-2017 18
22-02-2017 18
21-02-2017 17.89
20-02-2017 17.89
17-02-2017 18.005
16-02-2017 18.1
15-02-2017 17.88
14-02-2017 17.905
13-02-2017 17.97
10-02-2017 17.62
09-02-2017 17.715
08-02-2017 17.74
07-02-2017 17.6
06-02-2017 17.6
03-02-2017 17.28
02-02-2017 17.71
01-02-2017 17.6
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1233.39
28-02-2017 1251.9
27-02-2017 1256.25
24-02-2017 1255.35
23-02-2017 1237.35
22-02-2017 1237.5
21-02-2017 1228.7
20-02-2017 1235.35
17-02-2017 1241.4
16-02-2017 1236.75
15-02-2017 1225.15
14-02-2017 1229.65
13-02-2017 1229.4
10-02-2017 1225.75
09-02-2017 1241.75
08-02-2017 1235.6
07-02-2017 1231
06-02-2017 1221.85
03-02-2017 1213.05
02-02-2017 1224.05
01-02-2017 1210
Date(Fix.) ($/OZ)
Average 1233.87
28-02-2017 1253.75
27-02-2017 1256.725
24-02-2017 1254.5
23-02-2017 1242.625
22-02-2017 1237.075
21-02-2017 1230.95
20-02-2017 1236.325
17-02-2017 1241.675
16-02-2017 1238.65
15-02-2017 1224.775
14-02-2017 1230.2
13-02-2017 1225.825
10-02-2017 1227.025
09-02-2017 1239.275
08-02-2017 1238.85
07-02-2017 1231
06-02-2017 1224.3
03-02-2017 1214.125
02-02-2017 1223
01-02-2017 1206.825
Date(Fix.) ($/OZ)
Average 1234.36
28-02-2017 1255.6
27-02-2017 1257.2
24-02-2017 1253.65
23-02-2017 1247.9
22-02-2017 1236.65
21-02-2017 1233.2
20-02-2017 1237.3
17-02-2017 1241.95
16-02-2017 1240.55
15-02-2017 1224.4
14-02-2017 1230.75
13-02-2017 1222.25
10-02-2017 1228.3
09-02-2017 1236.8
08-02-2017 1242.1
07-02-2017 1231
06-02-2017 1226.75
03-02-2017 1215.2
02-02-2017 1221.95
01-02-2017 1203.65
Lead
Date(Fix.) ($/MT)
Average 2321.73
28-02-2017 2272
27-02-2017 2257
24-02-2017 2231
23-02-2017 2270
22-02-2017 2290
21-02-2017 2284
20-02-2017 2275
17-02-2017 2269
16-02-2017 2273
15-02-2017 2338
14-02-2017 2415
13-02-2017 2442
10-02-2017 2406
09-02-2017 2399
08-02-2017 2379.5
07-02-2017 2329
06-02-2017 2325.5
03-02-2017 2294
02-02-2017 2334
01-02-2017 2351.5
Zinc
Date(Fix.) ($/MT)
Average 2848.43
28-02-2017 2813
27-02-2017 2813.5
24-02-2017 2822
23-02-2017 2841
22-02-2017 2860
21-02-2017 2885
20-02-2017 2860.5
17-02-2017 2825.5
16-02-2017 2836
15-02-2017 2890
14-02-2017 2934
13-02-2017 2971
10-02-2017 2906
09-02-2017 2864
08-02-2017 2825.5
07-02-2017 2774.5
06-02-2017 2764.5
03-02-2017 2783
02-02-2017 2851.5
01-02-2017 2848
Tin
Date(Fix.) ($/MT)
Average 19491.50
28-02-2017 19200
27-02-2017 19310
24-02-2017 19250
23-02-2017 19150
22-02-2017 19660
21-02-2017 19900
20-02-2017 19735
17-02-2017 19755
16-02-2017 19905
15-02-2017 19955
14-02-2017 19825
13-02-2017 19660
10-02-2017 19210
09-02-2017 19250
08-02-2017 18760
07-02-2017 18775
06-02-2017 19055
03-02-2017 19795
02-02-2017 19855
01-02-2017 19825
Nickel
Date(Fix.) ($/MT)
Average 10619.50
28-02-2017 10870
27-02-2017 10900
24-02-2017 10680
23-02-2017 10635
22-02-2017 10710
21-02-2017 11020
20-02-2017 11045
17-02-2017 10900
16-02-2017 10875
15-02-2017 10710
14-02-2017 10825
13-02-2017 10675
10-02-2017 10450
09-02-2017 10380
08-02-2017 10440
07-02-2017 10390
06-02-2017 10340
03-02-2017 10160
02-02-2017 10360
01-02-2017 10025
Cobalt
Date(Fix.) ($/MT)
Average 43232.50
28-02-2017 50250
27-02-2017 49500
24-02-2017 48000
23-02-2017 48000
22-02-2017 48000
21-02-2017 48000
20-02-2017 48000
17-02-2017 44500
16-02-2017 43500
15-02-2017 43250
14-02-2017 42750
13-02-2017 42500
10-02-2017 39900
09-02-2017 39750
08-02-2017 39000
07-02-2017 38500
06-02-2017 38000
03-02-2017 37750
02-02-2017 37750
01-02-2017 37750