Monthly Metal Review

Overview

The European Union said the economy will grow at its fastest rate in a decade following a reduction in uncertain-ty after election victories by mainstream candidates in France, Germany, and the Netherlands. The EU’s execu-tive commission expects 2017 growth of 2.2 percent, raised its 2018 forecast to 2.1 percent from 1.8. The eurozone's annual economic growth rate beat that of the U.S.in the third quarter, setting up 2017 as the best year for the currency area in a decade. Despite do-mestic political turmoil, German economic growth drove the euro and came after disappointing Chinese industrial, retail figures. Germany’s 0.8-percent third-quarter growth reading beat forecasts and showed the economy growing at annualized rates of over 3 percent. The Bank of England raised borrowing costs for the first time in ten years, hiking its benchmark interest rate from 0.25 to 0.5 percent. BoE Governor Mark Carney said it is likely to rise twice more over the next three years. European Central Bank President Mario Draghi predicted bigger pay rises for euro-area workers as the labor market tightens and uncertainty falls. He said this will relieve pressure on the bank to support the economy. The ECB halved the pace of supportive monthly bond buys, starting in January. Economic growth in emerging Asia should remain steady this year before medium-term slowing as China's expansion decelerates in the next five years, the Organiza-tion for Economic Cooperation and Development (OECD) said. GDP in emerging Asia, including China, Southeast Asia, and India, will likely grow by 6.4 percent in 2017, unchanged on-year, and by 6.3 percent on aver-age 2018-2022. Emerging Asia grew by 7.1 percent 2011-2015. While China will slow, India’s growth should stay brisk. The OECD sees China growing at 6.2 percent 2018-2022, down from a 7.9 percent average 2011-2015. India could grow at a medium-term-average 7.3-percent. China's economy has surprised financial markets with robust growth of nearly 6.9 percent in 2017’s first nine months, underpinned by a recovery in its manufac-turing and industrial sectors thanks to a government-led infrastructure spending spree, resilient property market and unexpected export strength. Since the third quarter, China started to show signs of fatigue, with momentum seen slackening further as Beijing's crackdown on debt risks curbs demand and tighter pollution rules hit factory output. A growing number of investors are reported buy-ing into commodities, seeking to diversify holdings on concerns about a stock-market correction as equities scale new highs. Low interest rates global economic growth and rising corporate earnings have hoisted the S&P 500 16 percent this year. By contrast the bellwether S&P Goldman Sachs Commodity Index gained 7 percent in that same period. That may start to shift, investment advisors say. Demand in markets like copper, along with tightening supply, could shift the fundamental outlook, boosting commodity flows. Copper hit a 3-year high. Capesize freight rates are on the rise in the Pacific market, a sign of stronger demand for vessels and rising various ore shipments from Western Australia. Accord-ing to Platts, the cost of shipping iron ore from Australia to China has increased to a year-high of $9.3/wmt com-pared to YTD average of $6/wmt. The freight rate from Brazil inched up to $19/wmt, also a 2017 high.

Daily Prices

November 2017

Copper
Date(Fix.) ($/MT)
Average 6825.57
30-11-2017 6761
29-11-2017 6756.5
28-11-2017 6800
27-11-2017 6892
24-11-2017 6967.5
23-11-2017 6895.5
22-11-2017 6872.5
21-11-2017 6828
20-11-2017 6752
17-11-2017 6728.5
16-11-2017 6764
15-11-2017 6715.5
14-11-2017 6822.5
13-11-2017 6768
10-11-2017 6797
09-11-2017 6777
08-11-2017 6812
07-11-2017 6863
06-11-2017 6902.5
03-11-2017 6914.5
02-11-2017 6855
01-11-2017 6918
Silver
Date(Fix.) ($/OZ)
Average 17.01
30-11-2017 16.57
29-11-2017 16.895
28-11-2017 17.07
27-11-2017 17.1
24-11-2017 17.05
23-11-2017 17.095
22-11-2017 16.965
21-11-2017 17
20-11-2017 17.145
17-11-2017 17.085
16-11-2017 17.04
15-11-2017 17.115
14-11-2017 16.935
13-11-2017 16.925
10-11-2017 17
09-11-2017 17.1
08-11-2017 16.995
07-11-2017 17.005
06-11-2017 16.915
03-11-2017 17.085
02-11-2017 17.08
01-11-2017 16.94
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1283.19
30-11-2017 1282.15
29-11-2017 1294.85
28-11-2017 1293.9
27-11-2017 1294.7
24-11-2017 1289.15
23-11-2017 1290.15
22-11-2017 1283.95
21-11-2017 1280
20-11-2017 1292.35
17-11-2017 1283.85
16-11-2017 1277.7
15-11-2017 1285.7
14-11-2017 1273.7
13-11-2017 1278.4
10-11-2017 1284.45
09-11-2017 1284
08-11-2017 1282.25
07-11-2017 1276.35
06-11-2017 1271.6
03-11-2017 1275.3
02-11-2017 1276.4
01-11-2017 1279.25
Date(Fix.) ($/OZ)
Average 1282.74
30-11-2017 1281.175
29-11-2017 1289.35
28-11-2017 1292.875
27-11-2017 1294.8
24-11-2017 1289.825
23-11-2017 1290.25
22-11-2017 1285.45
21-11-2017 1281.65
20-11-2017 1289.275
17-11-2017 1284.1
16-11-2017 1278.85
15-11-2017 1283.95
14-11-2017 1274.15
13-11-2017 1278.175
10-11-2017 1284.375
09-11-2017 1284.4
08-11-2017 1283.125
07-11-2017 1275.975
06-11-2017 1271.25
03-11-2017 1271.25
02-11-2017 1277.8
01-11-2017 1278.15
Date(Fix.) ($/OZ)
Average 1282.28
30-11-2017 1280.2
29-11-2017 1283.85
28-11-2017 1291.85
27-11-2017 1294.9
24-11-2017 1290.5
23-11-2017 1290.35
22-11-2017 1286.95
21-11-2017 1283.3
20-11-2017 1286.2
17-11-2017 1284.35
16-11-2017 1280
15-11-2017 1282.2
14-11-2017 1274.6
13-11-2017 1277.95
10-11-2017 1284.3
09-11-2017 1284.8
08-11-2017 1284
07-11-2017 1275.6
06-11-2017 1270.9
03-11-2017 1267.2
02-11-2017 1279.2
01-11-2017 1277.05
Lead
Date(Fix.) ($/MT)
Average 2464.41
30-11-2017 2474
29-11-2017 2431
28-11-2017 2445
27-11-2017 2452
24-11-2017 2480.5
23-11-2017 2437
22-11-2017 2459.5
21-11-2017 2460.5
20-11-2017 2429.5
17-11-2017 2409
16-11-2017 2424
15-11-2017 2420
14-11-2017 2477
13-11-2017 2502
10-11-2017 2547
09-11-2017 2504
08-11-2017 2499
07-11-2017 2483
06-11-2017 2490
03-11-2017 2475
02-11-2017 2466
01-11-2017 2452
Zinc
Date(Fix.) ($/MT)
Average 3236.16
30-11-2017 3197
29-11-2017 3146
28-11-2017 3178
27-11-2017 3224
24-11-2017 3271.5
23-11-2017 3263
22-11-2017 3271.5
21-11-2017 3205.5
20-11-2017 3199.5
17-11-2017 3199.5
16-11-2017 3206
15-11-2017 3190.5
14-11-2017 3224
13-11-2017 3244
10-11-2017 3289.5
09-11-2017 3232
08-11-2017 3235.5
07-11-2017 3259
06-11-2017 3290
03-11-2017 3265.5
02-11-2017 3272
01-11-2017 3332
Tin
Date(Fix.) ($/MT)
Average 19574.55
30-11-2017 19775
29-11-2017 19525
28-11-2017 19595
27-11-2017 19525
24-11-2017 19650
23-11-2017 19410
22-11-2017 19415
21-11-2017 19550
20-11-2017 19555
17-11-2017 19560
16-11-2017 19750
15-11-2017 19590
14-11-2017 19550
13-11-2017 19385
10-11-2017 19700
09-11-2017 19475
08-11-2017 19550
07-11-2017 19580
06-11-2017 19600
03-11-2017 19700
02-11-2017 19500
01-11-2017 19700
Nickel
Date(Fix.) ($/MT)
Average 11992.73
30-11-2017 11295
29-11-2017 11305
28-11-2017 11400
27-11-2017 11600
24-11-2017 12015
23-11-2017 11625
22-11-2017 11730
21-11-2017 11605
20-11-2017 11510
17-11-2017 11470
16-11-2017 11570
15-11-2017 11580
14-11-2017 12255
13-11-2017 12280
10-11-2017 12285
09-11-2017 12230
08-11-2017 12565
07-11-2017 12805
06-11-2017 12830
03-11-2017 12560
02-11-2017 12630
01-11-2017 12695
Cobalt
Date(Fix.) ($/MT)
Average 62272.73
30-11-2017 66500
29-11-2017 65500
28-11-2017 68500
27-11-2017 64500
24-11-2017 64000
23-11-2017 62500
22-11-2017 61500
21-11-2017 61000
20-11-2017 61500
17-11-2017 61500
16-11-2017 61250
15-11-2017 61250
14-11-2017 60250
13-11-2017 61000
10-11-2017 61000
09-11-2017 61500
08-11-2017 61000
07-11-2017 61000
06-11-2017 61000
03-11-2017 61500
02-11-2017 61750
01-11-2017 60500