Monthly Metal Review

Overview

The U.S. Federal Reserve raised interest rates by a quarter percentage point and forecast two more hikes this year. The Fed action was soon overshadowed when the Trump administration said it would slap punitive tariffs on up to $60 billion of Chinese imports. Euro zone industrial production was weaker than ex-pected in January. the EU's statistics office said. Production in the 19 euro countries fell by 1.0 percent on-month in January for a 2.7 percent on-year rise. Eurostat also revised upwards on-year data for December to 5.3 percent growth from the previously reported 5.2 percent. Energy had the biggest downward pull because its production fell 6.6 percent on-month. The outlook for global growth has weakened in recent months and that combined with a pick-up in trade tensions, which started with President Donald Trump’s imposition of tariffs on aluminium and steel, have soured bullish sentiment across a broad range of markets, including metals and equities. In turn, this has prompted investors to reduce risk and lack of upside progress in prices has led to stale long liquidation. The LME Index (LMEX)) of the six primary non-ferrous metals started the year at 3,419, it peaked in mid-February at 3,464 and by the end of March had fallen to 3,204, a drop of 7.5 percent. Although trade tensions are the latest headwind, it does look as though sentiment started to weaken as 2017 rolled into 2018. After a bullish 2017, expectations were running high for 2018, but the year has got off to a slower than expected start and there are few signs of it having picked up after the Chi-nese Lunar New Year, which is adding to the market’s disappointment. Given metal prices climbed at such a fast pace in 2016 and 2017, LMEX climbed 30 percent in 2016 and 28 percent in 2017, it did look as though prices were running ahead of the fundamentals last year and as such it is not too surprising that the up trends have paused and prices are correcting. From the 2016 low to the 2018 high, LMEX climbed 78 percent, so a 7.5 percent correction is not too alarming. World stocks came off six-week lows and stock fu-tures jumped in late month on optimism that the U.S. and China would negotiate on trade, easing trade-war fears. U.S. job growth surged as the economy added 313,000 jobs in February, including the biggest rise in con-struction jobs since 2007. But the annual earnings growth rate slowed to 2.6 percent and the unemployment rate held at 4.1 percent. The US economy is in its ninth year of eco-nomic expansion. BHP CEO Andrew Mackenzie, who heads the world’s biggest mining company, said the mining industry must resist calls for protectionism because free trade is vital to a healthy global economy. He said free trade allows competition on a level playing field. China’s tough campaign against choking air pollution in industrial areas is to get rougher. Beijing will set more stringent air-quality targets under a new three-year plan, as it prepares to strengthen its nationwide crackdown on pol-luters. The government will also set up a nationwide inspec-tion system this year that could impact smelters.

Daily Prices

March 2018

Copper
Date(Fix.) ($/MT)
Average 6795.76
29-03-2018 6685
28-03-2018 6601.5
27-03-2018 6641.5
26-03-2018 6500
23-03-2018 6658
22-03-2018 6746.5
21-03-2018 6675
20-03-2018 6784
19-03-2018 6791.5
16-03-2018 6923
15-03-2018 6885.5
14-03-2018 7015
13-03-2018 6883
12-03-2018 6857
09-03-2018 6808
08-03-2018 6830
07-03-2018 6873
06-03-2018 6968.5
05-03-2018 6850
02-03-2018 6883
01-03-2018 6852
Silver
Date(Fix.) ($/OZ)
Average 16.47
29-03-2018 16.28
28-03-2018 16.445
27-03-2018 16.64
26-03-2018 16.61
23-03-2018 16.53
22-03-2018 16.52
21-03-2018 16.245
20-03-2018 16.25
19-03-2018 16.285
16-03-2018 16.475
15-03-2018 16.52
14-03-2018 16.605
13-03-2018 16.51
12-03-2018 16.455
09-03-2018 16.485
08-03-2018 16.48
07-03-2018 16.645
06-03-2018 16.62
05-03-2018 16.51
02-03-2018 16.445
01-03-2018 16.315
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1325.56
29-03-2018 1323.9
28-03-2018 1341.05
27-03-2018 1350.65
26-03-2018 1348.4
23-03-2018 1342.35
22-03-2018 1328.85
21-03-2018 1316.35
20-03-2018 1312.75
19-03-2018 1311.7
16-03-2018 1320.05
15-03-2018 1323.35
14-03-2018 1324.95
13-03-2018 1318.7
12-03-2018 1317.25
09-03-2018 1319.35
08-03-2018 1325.4
07-03-2018 1332.5
06-03-2018 1324.95
05-03-2018 1326.3
02-03-2018 1316.75
01-03-2018 1311.25
Date(Fix.) ($/OZ)
Average 1325.11
29-03-2018 1323.875
28-03-2018 1336.75
27-03-2018 1346.05
26-03-2018 1350.4
23-03-2018 1344.475
22-03-2018 1329
21-03-2018 1318.85
20-03-2018 1311.875
19-03-2018 1312.05
16-03-2018 1315.075
15-03-2018 1321.05
14-03-2018 1324.25
13-03-2018 1320.725
12-03-2018 1318.2
09-03-2018 1319.975
08-03-2018 1323.2
07-03-2018 1330.95
06-03-2018 1328.175
05-03-2018 1323.35
02-03-2018 1319.525
01-03-2018 1309.5
Date(Fix.) ($/OZ)
Average 1324.66
29-03-2018 1323.85
28-03-2018 1332.45
27-03-2018 1341.45
26-03-2018 1352.4
23-03-2018 1346.6
22-03-2018 1329.15
21-03-2018 1321.35
20-03-2018 1311
19-03-2018 1312.4
16-03-2018 1310.1
15-03-2018 1318.75
14-03-2018 1323.55
13-03-2018 1322.75
12-03-2018 1319.15
09-03-2018 1320.6
08-03-2018 1321
07-03-2018 1329.4
06-03-2018 1331.4
05-03-2018 1320.4
02-03-2018 1322.3
01-03-2018 1307.75
Lead
Date(Fix.) ($/MT)
Average 2397.00
29-03-2018 2411
28-03-2018 2403
27-03-2018 2397
26-03-2018 2366.5
23-03-2018 2359.5
22-03-2018 2378
21-03-2018 2377
20-03-2018 2345.5
19-03-2018 2360
16-03-2018 2416
15-03-2018 2395
14-03-2018 2453.5
13-03-2018 2404
12-03-2018 2347
09-03-2018 2352
08-03-2018 2372
07-03-2018 2419.5
06-03-2018 2436
05-03-2018 2432
02-03-2018 2454.5
01-03-2018 2458
Zinc
Date(Fix.) ($/MT)
Average 3280.48
29-03-2018 3332
28-03-2018 3291.5
27-03-2018 3326.5
26-03-2018 3254.5
23-03-2018 3215
22-03-2018 3223
21-03-2018 3224
20-03-2018 3243
19-03-2018 3262
16-03-2018 3285
15-03-2018 3233
14-03-2018 3279.5
13-03-2018 3279
12-03-2018 3259
09-03-2018 3216
08-03-2018 3241.5
07-03-2018 3287
06-03-2018 3335
05-03-2018 3302
02-03-2018 3396.5
01-03-2018 3405
Tin
Date(Fix.) ($/MT)
Average 21214.05
29-03-2018 21125
28-03-2018 20925
27-03-2018 21055
26-03-2018 20950
23-03-2018 20850
22-03-2018 21050
21-03-2018 20745
20-03-2018 20850
19-03-2018 20630
16-03-2018 21050
15-03-2018 20900
14-03-2018 21200
13-03-2018 21500
12-03-2018 21500
09-03-2018 21375
08-03-2018 21650
07-03-2018 21495
06-03-2018 21595
05-03-2018 21670
02-03-2018 21710
01-03-2018 21670
Nickel
Date(Fix.) ($/MT)
Average 13403.57
29-03-2018 13245
28-03-2018 12925
27-03-2018 13030
26-03-2018 12845
23-03-2018 13050
22-03-2018 13355
21-03-2018 13330
20-03-2018 13520
19-03-2018 13430
16-03-2018 13740
15-03-2018 13685
14-03-2018 13925
13-03-2018 13830
12-03-2018 13725
09-03-2018 13345
08-03-2018 13250
07-03-2018 13370
06-03-2018 13580
05-03-2018 13335
02-03-2018 13450
01-03-2018 13510
Cobalt
Date(Fix.) ($/MT)
Average 88000.00
29-03-2018 93750
28-03-2018 93500
27-03-2018 94250
26-03-2018 94250
23-03-2018 94750
22-03-2018 95000
21-03-2018 95500
20-03-2018 90500
19-03-2018 88500
16-03-2018 88500
15-03-2018 87250
14-03-2018 85500
13-03-2018 85000
12-03-2018 84500
09-03-2018 84500
08-03-2018 84500
07-03-2018 83500
06-03-2018 83250
05-03-2018 80750
02-03-2018 79500
01-03-2018 81250