Monthly Metal Review

Overview

Global growth and supply constraints drove raw mate-rials prices to the highest level in three years, boosting the profitability and cash positions of the world’s biggest mining houses. The sector enjoyed its best run since 2010. Morgan Stanley estimates the industry generated US$23 billion in excess cash last year and another $21 billion in 2018 if com-modity prices hold. The price of copper and most other industrial metal rose in late February, helped by a weaker dollar and demand expectations sparked by higher imports to China. Copper imports to China rose 13 percent from December to 314,525 tons in January, whilst refined nickel imports doubled to 26,691 tons and refined zinc imports surged by 287 percent to 67,111 tons. Rio Tinto rewarded shareholders with the biggest divi-dend in its 145-year history and added a further US $1 billion to a share buyback program as annual profits surged on high-er commodity prices. The US$5.2-billion payment declared by Anglo-Australian Rio highlights a turnaround in the mining industry. U.S. inflation was up. Data showed the annual rate of headline inflation at 2.1 percent, stronger than expected. The news prompted renewed interest-rate concerns, despite data showing disappointing retail sales. December Eurozone indus-trial production jumped 5.2 percent on-year, the strongest annual industrial-output increase since 2011. Industrial output was up by 0.4 percent on-month. After release of minutes from the late-January meeting of the U.S. Federal Reserve’s open market committee the market was pricing in a 100-percent chance of a March interest-rate rise. Brutal volatility returned to equities markets in an early-February selloff, ending relatively calm with multi-ple 1,000-point drops. Treasury yields spiked. The dollar had strengthened on robust jobs data showing the U.S. economy added 200,000 jobs in January. Yearly wages grew on-month by 2.9 percent from 2.6 percent. The euro climbed above US$1.25 early February and ended the month at USD 1,2 . Analysts said inves-tors feared robust job numbers and inflation that could prompt a cooling interest-rate rise. Miners in the Democratic Republic of Congo were campaigning against an updated mining code await-ing the President’s signature. It would increase royalty rates from 2 or 2.5 to 3.5 percent for non-ferrous and precious metals and up to 10 percent for minerals deemed strategic. It would raise taxes and remove pro-tections for miners from changes to fiscal and customs regimes for 10 years. The DRC is Africa's largest cop-per producer and the world's largest cobalt producer.

Daily Prices

February 2018

Copper
Date(Fix.) ($/MT)
Average 7001.80
28-02-2018 6953
27-02-2018 7028
26-02-2018 7111
23-02-2018 7073.5
22-02-2018 7032
21-02-2018 7003
20-02-2018 7027
19-02-2018 7093
16-02-2018 7159
15-02-2018 7098
14-02-2018 6962
13-02-2018 6908
12-02-2018 6786.5
09-02-2018 6755
08-02-2018 6838
07-02-2018 7006
06-02-2018 7060
05-02-2018 7050
02-02-2018 7066
01-02-2018 7027
Silver
Date(Fix.) ($/OZ)
Average 16.66
28-02-2018 16.44
27-02-2018 16.61
26-02-2018 16.67
23-02-2018 16.61
22-02-2018 16.465
21-02-2018 16.435
20-02-2018 16.57
19-02-2018 16.72
16-02-2018 16.835
15-02-2018 16.825
14-02-2018 16.58
13-02-2018 16.605
12-02-2018 16.425
09-02-2018 16.355
08-02-2018 16.345
07-02-2018 16.69
06-02-2018 16.805
05-02-2018 16.875
02-02-2018 17.135
01-02-2018 17.19
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1333.78
28-02-2018 1320.3
27-02-2018 1332.75
26-02-2018 1339.05
23-02-2018 1328.9
22-02-2018 1323.5
21-02-2018 1328.6
20-02-2018 1337.4
19-02-2018 1347.4
16-02-2018 1358.6
15-02-2018 1353.7
14-02-2018 1330.75
13-02-2018 1329.4
12-02-2018 1321.7
09-02-2018 1316.05
08-02-2018 1311.05
07-02-2018 1328.5
06-02-2018 1344.65
05-02-2018 1337.1
02-02-2018 1345
01-02-2018 1341.1
Date(Fix.) ($/OZ)
Average 1332.65
28-02-2018 1319.075
27-02-2018 1329.25
26-02-2018 1336.275
23-02-2018 1328.425
22-02-2018 1325.925
21-02-2018 1329.55
20-02-2018 1338.625
19-02-2018 1347
16-02-2018 1355.35
15-02-2018 1353.075
14-02-2018 1333.5
13-02-2018 1327.375
12-02-2018 1322
09-02-2018 1315.075
08-02-2018 1313.25
07-02-2018 1326.575
06-02-2018 1338.025
05-02-2018 1335.35
02-02-2018 1338.075
01-02-2018 1341.225
Date(Fix.) ($/OZ)
Average 1331.53
28-02-2018 1317.85
27-02-2018 1325.75
26-02-2018 1333.5
23-02-2018 1327.95
22-02-2018 1328.35
21-02-2018 1330.5
20-02-2018 1339.85
19-02-2018 1346.6
16-02-2018 1352.1
15-02-2018 1352.45
14-02-2018 1336.25
13-02-2018 1325.35
12-02-2018 1322.3
09-02-2018 1314.1
08-02-2018 1315.45
07-02-2018 1324.65
06-02-2018 1331.4
05-02-2018 1333.6
02-02-2018 1331.15
01-02-2018 1341.35
Lead
Date(Fix.) ($/MT)
Average 2580.83
28-02-2018 2530.5
27-02-2018 2578.5
26-02-2018 2598.5
23-02-2018 2533
22-02-2018 2524
21-02-2018 2561
20-02-2018 2569
19-02-2018 2608
16-02-2018 2640
15-02-2018 2610
14-02-2018 2577
13-02-2018 2522
12-02-2018 2511
09-02-2018 2530
08-02-2018 2540
07-02-2018 2593
06-02-2018 2592
05-02-2018 2646
02-02-2018 2683
01-02-2018 2670
Zinc
Date(Fix.) ($/MT)
Average 3539.78
28-02-2018 3498.5
27-02-2018 3547
26-02-2018 3588
23-02-2018 3569
22-02-2018 3524
21-02-2018 3563.5
20-02-2018 3587.5
19-02-2018 3590
16-02-2018 3618
15-02-2018 3595
14-02-2018 3518
13-02-2018 3470
12-02-2018 3433
09-02-2018 3435.5
08-02-2018 3460
07-02-2018 3539
06-02-2018 3530.5
05-02-2018 3564
02-02-2018 3577
01-02-2018 3588
Tin
Date(Fix.) ($/MT)
Average 21693.50
28-02-2018 21775
27-02-2018 21750
26-02-2018 21710
23-02-2018 21650
22-02-2018 21650
21-02-2018 21680
20-02-2018 21500
19-02-2018 21830
16-02-2018 21900
15-02-2018 21700
14-02-2018 21725
13-02-2018 21600
12-02-2018 21300
09-02-2018 21180
08-02-2018 21550
07-02-2018 22075
06-02-2018 21825
05-02-2018 21750
02-02-2018 21770
01-02-2018 21950
Nickel
Date(Fix.) ($/MT)
Average 13576.75
28-02-2018 13800
27-02-2018 13885
26-02-2018 13910
23-02-2018 13800
22-02-2018 13575
21-02-2018 13590
20-02-2018 13650
19-02-2018 13600
16-02-2018 14030
15-02-2018 14150
14-02-2018 13630
13-02-2018 13215
12-02-2018 12965
09-02-2018 12970
08-02-2018 13025
07-02-2018 13490
06-02-2018 13370
05-02-2018 13540
02-02-2018 13795
01-02-2018 13545
Cobalt
Date(Fix.) ($/MT)
Average 81125.00
28-02-2018 81250
27-02-2018 81000
26-02-2018 81500
23-02-2018 81500
22-02-2018 82000
21-02-2018 80000
20-02-2018 79500
19-02-2018 80500
16-02-2018 82000
15-02-2018 82000
14-02-2018 81500
13-02-2018 81500
12-02-2018 81500
09-02-2018 81500
08-02-2018 81500
07-02-2018 81000
06-02-2018 81000
05-02-2018 80750
02-02-2018 80750
01-02-2018 80250