Monthly Metal Review

Overview

Global markets became more circumspect in April as trade tensions have risen with the US, the yield on the 10-year US treasuries have climbed to over three percent, for the first time since 2014, and there have been some additions and reductions in geopolitical tensions. On a positive note, talks between North and South Korea have gone well, (but it is early days and it is hard to see North Korea giving up its nu-clear stance, having just acquired it). On a more negative note, oil prices have rallied, with spot Brent Crude climbing to $74 per barrel, on the US threat that it will leave the Iranian Nu-clear Deal, which could raise already heightened tensions in the Middle East. The US sanctions against Russia, stirred up vola-tility in the metals markets, particularly in aluminium, nickel and palladium, where prices rallied sharply on fears that supply would be disrupted, but seeing how this was hurting not only US manufacturers by other trading partners, the US softened its stance – once again showing that President Donald Trump has more ‘bark than bite’, but markets still react to his rhetoric and that makes for a riskier market place. In addition, to the trade tensions, the markets have had to take on board further disappointing economic data that is suggesting global growth is slowing. Euro zone industrial pro-duction fell 0.8% in February, after a 0.6% fall in January, and industrial production in China dropped to 6 percent from 7.2 percent in March and industrial production dropped to 0.5 percent from 1.1 percent in the US. The US job market also showed weakness in March, with the economy adding 103,000 jobs, compared with an average of 256,500 jobs in the first two months of the year. The fact that the global economy is slowing is high-lighted by the falling global manufacturing PMI that fell for the third consecutive month to 53.4 in March having peaked in December at 54.5. That said, the drop is not that large and the reading remains above the 50 divide between expansion and contraction, so although sentiment is not particularly bullish, the outlook is far from negative. Disappointing economic data, combined with up-wardly mobile US interest rates, and a corresponding stronger dollar that has seen the dollar index break out of its 88.50-90.50 base to all but reach 92, are likely to have dampened sentiment. Although the outlook is not as bullish as it was in 2017, the global economy is still expanding and although some supply responses are starting to be seen, especially in zinc, the years of restrained capex between 2012 and 2016 are likely to mean that generally producers will struggle for a few more years to respond to continued demand growth. There is also the risk of supply disruptions, either from resource nationalism, as is being seen in the DRC, or from strikes should expiring labour contracts not be renewed smoothly.

Daily Prices

April 2018

Copper
Date(Fix.) ($/MT)
Average 6838.55
30-04-2018 6783
27-04-2018 6797
26-04-2018 6885.5
25-04-2018 6960.5
24-04-2018 6987
23-04-2018 6923
20-04-2018 6939
19-04-2018 6942
18-04-2018 6936
17-04-2018 6784
16-04-2018 6811.5
13-04-2018 6830
12-04-2018 6756
11-04-2018 6930.5
10-04-2018 6888
09-04-2018 6767
06-04-2018 6703
05-04-2018 6767
04-04-2018 6625
03-04-2018 6756
Silver
Date(Fix.) ($/OZ)
Average 16.61
30-04-2018 16.38
27-04-2018 16.53
26-04-2018 16.575
25-04-2018 16.57
24-04-2018 16.595
23-04-2018 16.935
20-04-2018 17.11
19-04-2018 17.195
18-04-2018 16.945
17-04-2018 16.625
16-04-2018 16.6
13-04-2018 16.505
12-04-2018 16.655
11-04-2018 16.565
10-04-2018 16.49
09-04-2018 16.34
06-04-2018 16.275
05-04-2018 16.305
04-04-2018 16.46
03-04-2018 16.52
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1334.38
30-04-2018 1316.25
27-04-2018 1317.7
26-04-2018 1321.9
25-04-2018 1325.7
24-04-2018 1327.35
23-04-2018 1328
20-04-2018 1340.15
19-04-2018 1347.9
18-04-2018 1346.55
17-04-2018 1342.95
16-04-2018 1344.4
13-04-2018 1340.75
12-04-2018 1345.9
11-04-2018 1345.2
10-04-2018 1335.95
09-04-2018 1328.5
06-04-2018 1325.6
05-04-2018 1327.05
04-04-2018 1343.15
03-04-2018 1336.6
Date(Fix.) ($/OZ)
Average 1334.56
30-04-2018 1314.725
27-04-2018 1319.6
26-04-2018 1321.3
25-04-2018 1323.675
24-04-2018 1328.1
23-04-2018 1326.15
20-04-2018 1338.45
19-04-2018 1348.25
18-04-2018 1349
17-04-2018 1342.525
16-04-2018 1346.875
13-04-2018 1342.225
12-04-2018 1343.625
11-04-2018 1347.975
10-04-2018 1337.45
09-04-2018 1330.225
06-04-2018 1328.4
05-04-2018 1327.375
04-04-2018 1340.225
03-04-2018 1335.025
Date(Fix.) ($/OZ)
Average 1334.74
30-04-2018 1313.2
27-04-2018 1321.5
26-04-2018 1320.7
25-04-2018 1321.65
24-04-2018 1328.85
23-04-2018 1324.3
20-04-2018 1336.75
19-04-2018 1348.6
18-04-2018 1351.45
17-04-2018 1342.1
16-04-2018 1349.35
13-04-2018 1343.7
12-04-2018 1341.35
11-04-2018 1350.75
10-04-2018 1338.95
09-04-2018 1331.95
06-04-2018 1331.2
05-04-2018 1327.7
04-04-2018 1337.3
03-04-2018 1333.45
Lead
Date(Fix.) ($/MT)
Average 2357.38
30-04-2018 2345
27-04-2018 2336
26-04-2018 2300.5
25-04-2018 2325
24-04-2018 2348.5
23-04-2018 2348
20-04-2018 2366
19-04-2018 2347
18-04-2018 2378
17-04-2018 2342
16-04-2018 2341.5
13-04-2018 2329
12-04-2018 2333
11-04-2018 2388
10-04-2018 2401
09-04-2018 2397
06-04-2018 2358.5
05-04-2018 2383.5
04-04-2018 2380
03-04-2018 2400
Zinc
Date(Fix.) ($/MT)
Average 3190.93
30-04-2018 3171
27-04-2018 3120.5
26-04-2018 3098
25-04-2018 3162
24-04-2018 3240.5
23-04-2018 3215
20-04-2018 3243.5
19-04-2018 3232
18-04-2018 3186.5
17-04-2018 3115
16-04-2018 3116
13-04-2018 3121
12-04-2018 3115
11-04-2018 3236.5
10-04-2018 3240
09-04-2018 3216.5
06-04-2018 3222
05-04-2018 3234
04-04-2018 3249
03-04-2018 3284.5
Tin
Date(Fix.) ($/MT)
Average 21339.50
30-04-2018 21150
27-04-2018 21400
26-04-2018 21475
25-04-2018 21500
24-04-2018 21250
23-04-2018 21850
20-04-2018 22050
19-04-2018 21875
18-04-2018 21725
17-04-2018 21200
16-04-2018 21075
13-04-2018 21190
12-04-2018 21000
11-04-2018 21175
10-04-2018 21375
09-04-2018 21100
06-04-2018 21050
05-04-2018 21075
04-04-2018 20860
03-04-2018 21415
Nickel
Date(Fix.) ($/MT)
Average 13934.50
30-04-2018 13725
27-04-2018 13980
26-04-2018 13945
25-04-2018 14120
24-04-2018 14250
23-04-2018 14050
20-04-2018 14640
19-04-2018 15710
18-04-2018 15105
17-04-2018 13950
16-04-2018 14150
13-04-2018 14005
12-04-2018 13585
11-04-2018 13740
10-04-2018 13700
09-04-2018 13240
06-04-2018 12890
05-04-2018 13285
04-04-2018 13060
03-04-2018 13560
Cobalt
Date(Fix.) ($/MT)
Average 90862.50
30-04-2018 88750
27-04-2018 88750
26-04-2018 88750
25-04-2018 88500
24-04-2018 91500
23-04-2018 91500
20-04-2018 91500
19-04-2018 91500
18-04-2018 91500
17-04-2018 91500
16-04-2018 91500
13-04-2018 92250
12-04-2018 91500
11-04-2018 91500
10-04-2018 91500
09-04-2018 91500
06-04-2018 91500
05-04-2018 91000
04-04-2018 88000
03-04-2018 93250