Monthly Metal Review

Overview

Global markets are looking slightly less stressed than they have for a while, stock market prices are rebounding, the dollar has flattened out, the US Federal Reserve has halted its interest rate rises - at least for now, there is more optimism about a US/China trade deal and President Donald Trump seems to be firing off fewer disruptive tweets. Ap-parent progress on a trade deal may be enough to instil confidence in the global economy and pull it out of the swallow dive it has been in since last summer. Economic data continues to look poor, but destocking along supply chains due to lack of confidence and uncertain outlooks have been the cause of that, while any rebound in confidence could lead to a swift turn round in order books. The Dow Jones Industrial Average has rebounded to 26,090, up 20 percent from the December low a 20 percent rally is deemed to signal a bull market. The base metals on the London Metal Ex-change were up by an average of 16 percent from the lows seen around year-end. Key now will be whether the price rebounds in the metals are mainly being driven by short-covering, or whether consum-ers are returning to the market as they shift from destocking to hand-to-mouth buying, or even re-stocking. If the latter and if a trade deal is forth-coming, then restocking may well be powerful enough to pull the global economy back into expan-sion mode. One of the weak spots for metal de-mand has been the slowdown in vehicle sales, which have been particularly hard hit in China where sales in January fell 15.7%, compared with January 2017, with EU registrations off by 4.6% over the same period and US total vehicle sales were down by 2.9% year-on-year. While pet-rol/diesel vehicle sales have been weak, sales of electric vehicles have been strong with estimates putting EV sales up 58% in 2018, not that you could tell that by looking lithium and cobalt prices that remain in the doldrums, but this is more an oversupply story than a weak demand one. Any easing in US/China trade tensions could help give the auto market a boost, although any increase in US tariffs on imports of EU vehicle could trigger another trade war. The euro at 1.1353 remains stuck in a sideways range between 1.1250-1.1500 range, while the dol-lar index is oscillating sideways below the highs seen in November and December when the Fed was still hawkish. US ten-year treasuries were recently quoted at 2.65 percent, well down from the 2018 highs around 3.2 percent, which again highlights the more dovish Fed; it also shows investors are pre-pared to accept a lower yield to benefit from the safety US government treasuries offer this linger-ing need for safety is also why gold prices are gener-ally holding up well. Gold, however, may also be benefitting from some general investor interest in commodities as in February, base metals, gold and oil prices have all been showing strength this could be a bet on a new US//China trade deal that would likely be bullish for commodity demand. That said, if a trade deal does unfold and industrial metals and equities run higher then demand for safe-havens could well fall. Leading to weaker gold prices and higher government bond yields.

Daily Prices

February 2019

Copper
Date(Fix.) ($/MT)
Average 6278.20
28-02-2019 6536
27-02-2019 6533
26-02-2019 6471
25-02-2019 6546
22-02-2019 6489
21-02-2019 6391
20-02-2019 6351.5
19-02-2019 6246.5
18-02-2019 6269.5
15-02-2019 6190
14-02-2019 6178.5
13-02-2019 6120
12-02-2019 6102
11-02-2019 6148
08-02-2019 6207
07-02-2019 6227
06-02-2019 6210
05-02-2019 6174
04-02-2019 6076.5
01-02-2019 6097.5
Silver
Date(Fix.) ($/OZ)
Average 15.81
28-02-2019 15.815
27-02-2019 15.86
26-02-2019 15.83
25-02-2019 15.955
22-02-2019 15.87
21-02-2019 15.91
20-02-2019 16.035
19-02-2019 15.78
18-02-2019 15.765
15-02-2019 15.675
14-02-2019 15.58
13-02-2019 15.695
12-02-2019 15.81
11-02-2019 15.705
08-02-2019 15.78
07-02-2019 15.71
06-02-2019 15.73
05-02-2019 15.865
04-02-2019 15.745
01-02-2019 16.01
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1319.76
28-02-2019 1325.45
27-02-2019 1326.45
26-02-2019 1327.55
25-02-2019 1329.15
22-02-2019 1322.25
21-02-2019 1335.05
20-02-2019 1345.75
19-02-2019 1329.55
18-02-2019 1323.95
15-02-2019 1318
14-02-2019 1305.65
13-02-2019 1311.15
12-02-2019 1311.6
11-02-2019 1306.75
08-02-2019 1311.1
07-02-2019 1306.6
06-02-2019 1313.35
05-02-2019 1314
04-02-2019 1311
01-02-2019 1320.75
Date(Fix.) ($/OZ)
Average 1319.91
28-02-2019 1322.3
27-02-2019 1324.65
26-02-2019 1326.3
25-02-2019 1330.1
22-02-2019 1325.65
21-02-2019 1333.15
20-02-2019 1344.75
19-02-2019 1331.85
18-02-2019 1324.725
15-02-2019 1317.275
14-02-2019 1308.55
13-02-2019 1311.975
12-02-2019 1310.8
11-02-2019 1306.575
08-02-2019 1312.975
07-02-2019 1308.3
06-02-2019 1312.875
05-02-2019 1314.1
04-02-2019 1311.575
01-02-2019 1319.725
Date(Fix.) ($/OZ)
Average 1320.07
28-02-2019 1319.15
27-02-2019 1322.85
26-02-2019 1325.05
25-02-2019 1331.05
22-02-2019 1329.05
21-02-2019 1331.25
20-02-2019 1343.75
19-02-2019 1334.15
18-02-2019 1325.5
15-02-2019 1316.55
14-02-2019 1311.45
13-02-2019 1312.8
12-02-2019 1310
11-02-2019 1306.4
08-02-2019 1314.85
07-02-2019 1310
06-02-2019 1312.4
05-02-2019 1314.2
04-02-2019 1312.15
01-02-2019 1318.7
Lead
Date(Fix.) ($/MT)
Average 2062.08
28-02-2019 2154
27-02-2019 2107
26-02-2019 2063
25-02-2019 2072.5
22-02-2019 2059
21-02-2019 2045
20-02-2019 2025
19-02-2019 2009
18-02-2019 2029
15-02-2019 2068
14-02-2019 2033.5
13-02-2019 2002
12-02-2019 2032
11-02-2019 2050.5
08-02-2019 2066
07-02-2019 2066
06-02-2019 2080
05-02-2019 2091
04-02-2019 2096
01-02-2019 2093
Zinc
Date(Fix.) ($/MT)
Average 2702.85
28-02-2019 2794
27-02-2019 2772
26-02-2019 2741
25-02-2019 2742
22-02-2019 2718
21-02-2019 2698
20-02-2019 2711.5
19-02-2019 2667
18-02-2019 2632
15-02-2019 2641
14-02-2019 2635
13-02-2019 2603.5
12-02-2019 2640
11-02-2019 2648
08-02-2019 2688.5
07-02-2019 2719
06-02-2019 2719
05-02-2019 2770
04-02-2019 2785
01-02-2019 2732.5
Tin
Date(Fix.) ($/MT)
Average 21268.00
28-02-2019 21775
27-02-2019 21700
26-02-2019 21925
25-02-2019 21810
22-02-2019 21650
21-02-2019 21425
20-02-2019 21350
19-02-2019 21130
18-02-2019 21275
15-02-2019 21085
14-02-2019 21095
13-02-2019 21200
12-02-2019 21050
11-02-2019 21100
08-02-2019 21050
07-02-2019 21100
06-02-2019 20900
05-02-2019 20975
04-02-2019 20935
01-02-2019 20830
Nickel
Date(Fix.) ($/MT)
Average 12649.75
28-02-2019 13040
27-02-2019 12880
26-02-2019 12815
25-02-2019 12940
22-02-2019 12930
21-02-2019 12715
20-02-2019 12700
19-02-2019 12430
18-02-2019 12350
15-02-2019 12100
14-02-2019 12345
13-02-2019 12305
12-02-2019 12455
11-02-2019 12475
08-02-2019 12735
07-02-2019 12845
06-02-2019 12930
05-02-2019 12870
04-02-2019 12675
01-02-2019 12460
Cobalt
Date(Fix.) ($/MT)
Average 32400.00
28-02-2019 34000
27-02-2019 33000
26-02-2019 33000
25-02-2019 33000
22-02-2019 33000
21-02-2019 31000
20-02-2019 31000
19-02-2019 31000
18-02-2019 31000
15-02-2019 31000
14-02-2019 31000
13-02-2019 32000
12-02-2019 32000
11-02-2019 32000
08-02-2019 33000
07-02-2019 33000
06-02-2019 33000
05-02-2019 33000
04-02-2019 34000
01-02-2019 34000