Monthly Metal Review

Overview

U.S. President Donald Trump threatened China with new tariffs on a whopping US$200 billion worth of goods, further escalating a trade dispute between the two largest economies. Trump announced a 25-percent tariff on US$50 billion worth of Chinese goods on 15 June. The administration said $34 billion worth of Chinese goods will be subject to tariffs starting July 6, with an additional $16 billion worth of products undergoing reviews. China said it would strike back with tariffs of equal strength, as did most of the threatened nations. Meanwhile, Trump threatened to impose a 20-percent tariff on car imports from the European Union. Trump had earlier upended the G7 meeting in Canada of the oldest U.S. allies, antagonizing them with an America-First agenda, insults and refusal to sign on to a non-controversial closing statement. Beginning 5 July, a day before the U.S. and China are to impose tariffs on each other, China’s central bank is to cut the amount of cash some lenders must hold as reserves and unlock some 700 billion yuan (US$108 bil-lion) of liquidity, as it seeks to boost credit for smaller companies. A stronger dollar, which has seen the dollar index rise to 95.54 and the euro fall to around 1.1500 - levels not seen since July last year, are another headwind for commodity prices. The dollar is strong on the back of the more hawkish Federal Reserve policy, the Federal Open Market Committee (FOMC), raised the Federal funds rate on June 13, to 2 percent from 1.75 percent. In addition, after the June FOMC meeting, the consensus feeling was that there will be two more interest rate rises this year, making it four rises over the whole of 2018, compared with earlier expectation for three rises over the course of the year. As well as dollar strength, the euro has been weak as the ECB remains extremely dovish with a commitment to leave short-term interest rates unchanged until “at least the summer of 2019”. The increased rhetoric over US trade policy has led to an increase in investor interest in safe-havens with the main beneficiaries being US and German government debt and the yen, but not gold, which has fallen from favour as the opportunity cost of holding gold has in-creased as yields on 10-year US treasuries have remained buoyant, mainly trading just below the 3 percent level, with the pullback from being above 3 percent mainly due to the increased level of safe-haven demand on the back of the US trade wars.

Daily Prices

June 2018

Copper
Date(Fix.) ($/MT)
Average 6954.79
29-06-2018 6646
28-06-2018 6650
27-06-2018 6688
26-06-2018 6712
25-06-2018 6783
22-06-2018 6811
21-06-2018 6801
20-06-2018 6819
19-06-2018 6820
18-06-2018 6987
15-06-2018 7136
14-06-2018 7197
13-06-2018 7201.5
12-06-2018 7200.5
11-06-2018 7223.5
08-06-2018 7262.5
07-06-2018 7245.5
06-06-2018 7147
05-06-2018 6971
04-06-2018 6935
01-06-2018 6814
Silver
Date(Fix.) ($/OZ)
Average 16.52
29-06-2018 16.03
28-06-2018 16.11
27-06-2018 16.21
26-06-2018 16.225
25-06-2018 16.375
22-06-2018 16.425
21-06-2018 16.245
20-06-2018 16.285
19-06-2018 16.355
18-06-2018 16.605
15-06-2018 17.225
14-06-2018 17.125
13-06-2018 16.905
12-06-2018 16.855
11-06-2018 16.76
08-06-2018 16.72
07-06-2018 16.745
06-06-2018 16.545
05-06-2018 16.385
04-06-2018 16.44
01-06-2018 16.42
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1282.13
29-06-2018 1250.55
28-06-2018 1250.5
27-06-2018 1256.8
26-06-2018 1257.15
25-06-2018 1269.8
22-06-2018 1269.7
21-06-2018 1263.7
20-06-2018 1273.25
19-06-2018 1279
18-06-2018 1281.25
15-06-2018 1300.1
14-06-2018 1305.3
13-06-2018 1294.4
12-06-2018 1298.3
11-06-2018 1296.05
08-06-2018 1299.2
07-06-2018 1298.3
06-06-2018 1295.25
05-06-2018 1292.25
04-06-2018 1294.65
01-06-2018 1299.15
Date(Fix.) ($/OZ)
Average 1281.85
29-06-2018 1250.5
28-06-2018 1251.025
27-06-2018 1255.7
26-06-2018 1258.725
25-06-2018 1269.25
22-06-2018 1269.425
21-06-2018 1264.925
20-06-2018 1273.725
19-06-2018 1277.575
18-06-2018 1281.4
15-06-2018 1292.675
14-06-2018 1304.025
13-06-2018 1295.275
12-06-2018 1298.475
11-06-2018 1297.825
08-06-2018 1298.725
07-06-2018 1297.775
06-06-2018 1297.675
05-06-2018 1292.15
04-06-2018 1295.05
01-06-2018 1296.875
Date(Fix.) ($/OZ)
Average 1281.57
29-06-2018 1250.45
28-06-2018 1251.55
27-06-2018 1254.6
26-06-2018 1260.3
25-06-2018 1268.7
22-06-2018 1269.15
21-06-2018 1266.15
20-06-2018 1274.2
19-06-2018 1276.15
18-06-2018 1281.55
15-06-2018 1285.25
14-06-2018 1302.75
13-06-2018 1296.15
12-06-2018 1298.65
11-06-2018 1299.6
08-06-2018 1298.25
07-06-2018 1297.25
06-06-2018 1300.1
05-06-2018 1292.05
04-06-2018 1295.45
01-06-2018 1294.6
Lead
Date(Fix.) ($/MT)
Average 2440.74
29-06-2018 2432
28-06-2018 2407
27-06-2018 2430
26-06-2018 2408
25-06-2018 2414
22-06-2018 2389
21-06-2018 2385
20-06-2018 2397
19-06-2018 2402.5
18-06-2018 2411.5
15-06-2018 2431
14-06-2018 2464
13-06-2018 2461
12-06-2018 2458
11-06-2018 2480
08-06-2018 2468
07-06-2018 2545
06-06-2018 2510.5
05-06-2018 2504
04-06-2018 2428
01-06-2018 2430
Zinc
Date(Fix.) ($/MT)
Average 3091.76
29-06-2018 2948
28-06-2018 2938
27-06-2018 2921
26-06-2018 2895
25-06-2018 2954
22-06-2018 2993
21-06-2018 3021.5
20-06-2018 3056
19-06-2018 3044
18-06-2018 3108
15-06-2018 3189
14-06-2018 3220
13-06-2018 3228
12-06-2018 3229
11-06-2018 3221
08-06-2018 3183.5
07-06-2018 3215
06-06-2018 3205
05-06-2018 3175
04-06-2018 3094
01-06-2018 3089
Tin
Date(Fix.) ($/MT)
Average 20663.10
29-06-2018 19675
28-06-2018 19775
27-06-2018 19950
26-06-2018 20225
25-06-2018 20495
22-06-2018 20625
21-06-2018 20600
20-06-2018 20575
19-06-2018 20450
18-06-2018 20910
15-06-2018 20900
14-06-2018 21025
13-06-2018 20920
12-06-2018 21300
11-06-2018 21250
08-06-2018 21230
07-06-2018 21200
06-06-2018 20825
05-06-2018 20725
04-06-2018 20595
01-06-2018 20675
Nickel
Date(Fix.) ($/MT)
Average 15110.95
29-06-2018 14910
28-06-2018 14720
27-06-2018 14700
26-06-2018 14570
25-06-2018 15060
22-06-2018 15255
21-06-2018 14980
20-06-2018 14850
19-06-2018 14545
18-06-2018 14970
15-06-2018 15265
14-06-2018 15245
13-06-2018 15180
12-06-2018 15295
11-06-2018 15310
08-06-2018 15240
07-06-2018 15750
06-06-2018 15640
05-06-2018 15415
04-06-2018 15280
01-06-2018 15150
Cobalt
Date(Fix.) ($/MT)
Average 81850.00
29-06-2018 77800
28-06-2018 78500
27-06-2018 79000
26-06-2018 79000
25-06-2018 79000
22-06-2018 79300
21-06-2018 79500
20-06-2018 81250
19-06-2018 80250
18-06-2018 80500
15-06-2018 81000
14-06-2018 81500
13-06-2018 81250
12-06-2018 81000
11-06-2018 82500
08-06-2018 83500
07-06-2018 84000
06-06-2018 85000
05-06-2018 87000
04-06-2018 88000
01-06-2018 90000