Monthly Metal Review

Overview

Commodity and equity markets have been on tenter hooks as U.S. President Donald Trump continues to wage his trade war against China and other trading partner, as well as escalating his rhetoric on planned oil sanctions against Iran. For now the US is threatening tariffs on $200 billion of Chinese exports to the U.S., but Trump has hinted it could go up to $500 billion if China retali-ates. The potential contagion from this is not clear, but the IMF has warned that the trade war could cost the global economy $430 billion by lowering global growth by as much as 0.5% by 2020. The Chinese yuan has depreci-ated in the face of the trade tensions, it has fallen by around 8% since the end of the first quarter, as has the euro that has fallen a similar amount to a low of 1.1508 in June, from around the 1.2500 level in the first quarter. The fact that the yuan has fallen by a similar amount to the euro, suggests Trumpís accusations that China is ma-nipulating its currency may be unjustified. China's monthly trade surplus with the U.S. hit a record high of nearly £22 billion) (US$25.74 billion) in June as exports to the U.S. remained strong. The figures came a week after trade war between the two began, with the Trump administration initially imposing tariffs on $34 billion of Chinese goods, and China retaliating. Mr Trump threatened to impose 10 percent tariffs on another $200 billion of Chinese imports. G-20 finance ministers and central bankers from the largest economies warned that escalating trade tensions were creating risks to the global economy. They said growth was firm, but tensions were creating short- and medium-term threats. The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday to mark its highest in over four and half years, boosted by stronger rates for larger vessels. The overall index, which factors in rates for capesize, pana-max and supramax shipping vessels, was up 56 points, or 3.3 percent, to 1,774 points, a peak since January 8, 2014. At the Federal Open market Committee (FOMC) meeting in June, most policy makers said trade policy risks had intensified and were concerning, but at the same time they acknowledged that the US economy was strong enough to warrant further interest rises. The International Monetary Fund has projected 3.9 percent global economic growth for 2018. But IMF Man-aging Director Christine Lagarde said global GDP could lose 0.5 percent from the trade-tariffs fight. Despite the risky global economy environment, de-mand for safe-havens, although up, does not seem to be escalating as US 10-year treasury yields are holding just below the 3% level and judging by the price weakness, there appears to be minimal interest in gold, or the yen, as alternative safe-havens.

Daily Prices

July 2018

Copper
Date(Fix.) ($/MT)
Average 6248.18
31-07-2018 6213
30-07-2018 6185
27-07-2018 6251.5
26-07-2018 6255
25-07-2018 6252
24-07-2018 6167
23-07-2018 6153
20-07-2018 6073
19-07-2018 5982
18-07-2018 6068
17-07-2018 6141.5
16-07-2018 6143
13-07-2018 6166
12-07-2018 6173
11-07-2018 6182
10-07-2018 6308
09-07-2018 6383
06-07-2018 6326
05-07-2018 6399.5
04-07-2018 6459
03-07-2018 6584.5
02-07-2018 6595
Silver
Date(Fix.) ($/OZ)
Average 15.71
31-07-2018 15.43
30-07-2018 15.49
27-07-2018 15.355
26-07-2018 15.535
25-07-2018 15.565
24-07-2018 15.51
23-07-2018 15.485
20-07-2018 15.37
19-07-2018 15.26
18-07-2018 15.44
17-07-2018 15.77
16-07-2018 15.81
13-07-2018 15.81
12-07-2018 15.84
11-07-2018 15.915
10-07-2018 15.93
09-07-2018 16.205
06-07-2018 15.995
05-07-2018 15.95
04-07-2018 16.045
03-07-2018 15.93
02-07-2018 15.98
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1238.06
31-07-2018 1219.2
30-07-2018 1222.05
27-07-2018 1219.15
26-07-2018 1228.35
25-07-2018 1230.55
24-07-2018 1224.3
23-07-2018 1229.45
20-07-2018 1224.85
19-07-2018 1217.4
18-07-2018 1223.45
17-07-2018 1243.65
16-07-2018 1244.9
13-07-2018 1240.5
12-07-2018 1244.85
11-07-2018 1250
10-07-2018 1253.7
09-07-2018 1262.6
06-07-2018 1254.2
05-07-2018 1252.5
04-07-2018 1256.9
03-07-2018 1245.85
02-07-2018 1249
Date(Fix.) ($/OZ)
Average 1238.29
31-07-2018 1220.075
30-07-2018 1222.925
27-07-2018 1221.55
26-07-2018 1228.3
25-07-2018 1231.025
24-07-2018 1226.325
23-07-2018 1227.2
20-07-2018 1226.8
19-07-2018 1217.475
18-07-2018 1223.975
17-07-2018 1238.225
16-07-2018 1243
13-07-2018 1241.1
12-07-2018 1245.375
11-07-2018 1250.7
10-07-2018 1253.85
09-07-2018 1262.325
06-07-2018 1254.775
05-07-2018 1254
04-07-2018 1256.275
03-07-2018 1248.8
02-07-2018 1248.4
Date(Fix.) ($/OZ)
Average 1238.53
31-07-2018 1220.95
30-07-2018 1223.8
27-07-2018 1223.95
26-07-2018 1228.25
25-07-2018 1231.5
24-07-2018 1228.35
23-07-2018 1224.95
20-07-2018 1228.75
19-07-2018 1217.55
18-07-2018 1224.5
17-07-2018 1232.8
16-07-2018 1241.1
13-07-2018 1241.7
12-07-2018 1245.9
11-07-2018 1251.4
10-07-2018 1254
09-07-2018 1262.05
06-07-2018 1255.35
05-07-2018 1255.5
04-07-2018 1255.65
03-07-2018 1251.75
02-07-2018 1247.8
Lead
Date(Fix.) ($/MT)
Average 2212.91
31-07-2018 2154
30-07-2018 2133
27-07-2018 2137.5
26-07-2018 2141
25-07-2018 2132.5
24-07-2018 2132.5
23-07-2018 2140
20-07-2018 2100
19-07-2018 2092.5
18-07-2018 2118
17-07-2018 2164
16-07-2018 2183
13-07-2018 2162
12-07-2018 2140
11-07-2018 2244
10-07-2018 2283
09-07-2018 2357
06-07-2018 2321
05-07-2018 2373
04-07-2018 2373
03-07-2018 2405
02-07-2018 2398
Zinc
Date(Fix.) ($/MT)
Average 2658.73
31-07-2018 2630
30-07-2018 2590
27-07-2018 2618
26-07-2018 2626
25-07-2018 2655
24-07-2018 2630
23-07-2018 2618.5
20-07-2018 2635
19-07-2018 2563
18-07-2018 2583
17-07-2018 2548
16-07-2018 2527
13-07-2018 2607
12-07-2018 2598
11-07-2018 2574
10-07-2018 2658
09-07-2018 2719.5
06-07-2018 2759
05-07-2018 2758
04-07-2018 2797
03-07-2018 2883
02-07-2018 2915
Tin
Date(Fix.) ($/MT)
Average 19700.45
31-07-2018 20125
30-07-2018 19995
27-07-2018 19925
26-07-2018 19900
25-07-2018 19950
24-07-2018 19675
23-07-2018 19650
20-07-2018 19475
19-07-2018 19405
18-07-2018 19550
17-07-2018 19500
16-07-2018 19605
13-07-2018 19775
12-07-2018 19575
11-07-2018 19445
10-07-2018 19850
09-07-2018 19490
06-07-2018 19425
05-07-2018 19585
04-07-2018 19850
03-07-2018 19810
02-07-2018 19850
Nickel
Date(Fix.) ($/MT)
Average 13772.05
31-07-2018 13770
30-07-2018 13700
27-07-2018 13720
26-07-2018 13575
25-07-2018 13535
24-07-2018 13435
23-07-2018 13440
20-07-2018 13425
19-07-2018 13220
18-07-2018 13315
17-07-2018 13460
16-07-2018 13680
13-07-2018 13870
12-07-2018 14055
11-07-2018 13630
10-07-2018 13960
09-07-2018 13970
06-07-2018 13760
05-07-2018 14170
04-07-2018 14100
03-07-2018 14620
02-07-2018 14575
Cobalt
Date(Fix.) ($/MT)
Average 70943.18
31-07-2018 70000
30-07-2018 70000
27-07-2018 70000
26-07-2018 70000
25-07-2018 70000
24-07-2018 70000
23-07-2018 70000
20-07-2018 70000
19-07-2018 70000
18-07-2018 70000
17-07-2018 70000
16-07-2018 68000
13-07-2018 70500
12-07-2018 70500
11-07-2018 70500
10-07-2018 70000
09-07-2018 73250
06-07-2018 72500
05-07-2018 72500
04-07-2018 72000
03-07-2018 76000
02-07-2018 75000