Monthly Metal Review

Overview (March 2017)

Peru’s heavy rains and mudslides were blamed for more than 72 deaths, whilst over 800 municipalities declared states of emergency. The government coordi-nated with mining companies after flooding disrupted rail shipping from central Peru to Pacific-coast ports. Zinc, copper and lead miners Milpo and Volcan de-clared force majeure. Votorantim suspended opera-tions at its zinc smelter in Cajamarquilla. Buenaventura stockpiled zinc concentrates at its El Brocal zinc-copper mine in the central Andes as it waitedsss for rail repairs. Philippine President Rodrigo Duterte threatened to stop all mining in the world's biggest nickel-ore exporter. Duterte accused miners of funding efforts to destabilise his government. Analysts discounted the threat, but Manila is considering a ban on unpro-cessed-mineral exports to encourage domestic pro-cessing. The U.S. Federal Reserve raised its benchmark interest rate for the second time in three months, to between 0.75 and 1 percent. Policymakers pencilled in two more quarter-point hikes this year and three in 2018. They forecast inflation will reach 1.9 percent in the fourth quarter and 2 percent in 2018 and 2019, and said the economy is expanding at a moderate pace. The U.S. economy added 235,000 jobs in February, clearing the way for the interest-rate rise. The unemployment rate fell to 4.7 percent from January’s 4.8. Average hourly wages rose 2.8 percent over the last 12 months. Bank of England policymakers kept interest rates at 0.25 percent. An unexpected February inflation-rate jump to 2.3 percent from January’s 1.8 boosted pres-sure to raise rates in May. Eurozone inflation reached 2 percent in Febru-ary, topping the European Central Bank’s target of just below 2 percent. Inflation rose from January’s 1.8 percent. The ECB has said it will extend its bond-buying programme until at least December, although the €80-billion-a-month QE scheme will be trimmed to €60 billion monthly from April. The ECB raised its Eurozone economic-growth forecast to 1.8 percent this year and to 1.7 percent for 2018. ECB President Mario Draghi said deflation risks have largely disap-peared whilst the Eurozone-growth outlook is more optimistic. China trimmed this year’s growth target to 6.5 percent, dropping from 2016’s 6.5-to-7-percent target. Still, China’s banking system passed the Euro-zone’s to be the world’s largest by assets. China’s GDP passed the EU’s economic bloc in 2011. Its banks have caught up, helped by a lending explosion. Three of the world’s four largest banks by assets are Chinese. Assets of China’s banking system were US$33 trillion at the end of 2016, more than the Eu-rozone’s US$31 trillion and more than double the U.S.’ US$16 trillion.

Daily Prices

April 2017

Copper
Date(Fix.) ($/MT)
Average 5697.67
28-04-2017 5688.5
27-04-2017 5686.5
26-04-2017 5677.5
25-04-2017 5652.5
24-04-2017 5612
21-04-2017 5601
20-04-2017 5611.5
19-04-2017 5600.5
18-04-2017 5620.5
13-04-2017 5655
12-04-2017 5685
11-04-2017 5746
10-04-2017 5731
07-04-2017 5770
05-04-2017 5870.5
05-04-2017 5808.5
04-04-2017 5724.5
03-04-2017 5817
Silver
Date(Fix.) ($/OZ)
Average 18.06
28-04-2017 17.41
27-04-2017 17.46
26-04-2017 17.59
25-04-2017 17.84
24-04-2017 17.81
21-04-2017 17.98
20-04-2017 18.19
19-04-2017 18.22
18-04-2017 18.42
13-04-2017 18.56
12-04-2017 18.31
11-04-2017 17.94
10-04-2017 17.94
07-04-2017 18.4
05-04-2017 18.22
05-04-2017 18.26
04-04-2017 18.34
03-04-2017 18.16
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1267.15
28-04-2017 1265.55
27-04-2017 1264.3
26-04-2017 1264.95
25-04-2017 1270.5
24-04-2017 1271.8
21-04-2017 1281.5
20-04-2017 1279.9
19-04-2017 1282.05
18-04-2017 1285
13-04-2017 1286.1
12-04-2017 1272.3
11-04-2017 1255.7
10-04-2017 1253.6
07-04-2017 1264.3
05-04-2017 1253.75
05-04-2017 1252.5
04-04-2017 1258.65
03-04-2017 1246.25
Date(Fix.) ($/OZ)
Average 1266.39
28-04-2017 1266
27-04-2017 1263.55
26-04-2017 1263.4
25-04-2017 1269.15
24-04-2017 1270.6
21-04-2017 1281.675
20-04-2017 1281
19-04-2017 1280.55
18-04-2017 1281.975
13-04-2017 1285.125
12-04-2017 1273.3
11-04-2017 1254.3
10-04-2017 1251.825
07-04-2017 1265.375
05-04-2017 1253.125
05-04-2017 1249.15
04-04-2017 1258.15
03-04-2017 1246.75
Date(Fix.) ($/OZ)
Average 1265.63
28-04-2017 1266.45
27-04-2017 1262.8
26-04-2017 1261.85
25-04-2017 1267.8
24-04-2017 1269.4
21-04-2017 1281.85
20-04-2017 1282.1
19-04-2017 1279.05
18-04-2017 1278.95
13-04-2017 1284.15
12-04-2017 1274.3
11-04-2017 1252.9
10-04-2017 1250.05
07-04-2017 1266.45
05-04-2017 1252.5
05-04-2017 1245.8
04-04-2017 1257.65
03-04-2017 1247.25
Lead
Date(Fix.) ($/MT)
Average 2231.31
28-04-2017 2280
27-04-2017 2237
26-04-2017 2191
25-04-2017 2173
24-04-2017 2155
21-04-2017 2142
20-04-2017 2160.5
19-04-2017 2148
18-04-2017 2185
13-04-2017 2256
12-04-2017 2251
11-04-2017 2261
10-04-2017 2260
07-04-2017 2260
05-04-2017 2327.5
05-04-2017 2314.5
04-04-2017 2275
03-04-2017 2287
Zinc
Date(Fix.) ($/MT)
Average 2633.03
28-04-2017 2639
27-04-2017 2614
26-04-2017 2610.5
25-04-2017 2590
24-04-2017 2600
21-04-2017 2582
20-04-2017 2605
19-04-2017 2546
18-04-2017 2581
13-04-2017 2561.5
12-04-2017 2565
11-04-2017 2580
10-04-2017 2658.5
07-04-2017 2665
05-04-2017 2777
05-04-2017 2770
04-04-2017 2704
03-04-2017 2746
Tin
Date(Fix.) ($/MT)
Average 19991.39
28-04-2017 19850
27-04-2017 19925
26-04-2017 19850
25-04-2017 19525
24-04-2017 19600
21-04-2017 19900
20-04-2017 19905
19-04-2017 19875
18-04-2017 19885
13-04-2017 19750
12-04-2017 20075
11-04-2017 20125
10-04-2017 20400
07-04-2017 20375
05-04-2017 20350
05-04-2017 20195
04-04-2017 20035
03-04-2017 20225
Nickel
Date(Fix.) ($/MT)
Average 9668.61
28-04-2017 9485
27-04-2017 9190
26-04-2017 9255
25-04-2017 9235
24-04-2017 9270
21-04-2017 9395
20-04-2017 9380
19-04-2017 9455
18-04-2017 9545
13-04-2017 9695
12-04-2017 9710
11-04-2017 10050
10-04-2017 10100
07-04-2017 9950
05-04-2017 10320
05-04-2017 10170
04-04-2017 9865
03-04-2017 9965
Cobalt
Date(Fix.) ($/MT)
Average 55555.83
28-04-2017 55250
27-04-2017 55500
26-04-2017 55250
25-04-2017 55250
24-04-2017 55250
21-04-2017 55500
20-04-2017 55000
19-04-2017 55250
18-04-2017 55500
13-04-2017 55500
12-04-2017 55500
11-04-2017 56000
10-04-2017 55500
07-04-2017 55750
05-04-2017 56000
05-04-2017 56500
04-04-2017 55505
03-04-2017 56000