Monthly Metal Review

Overview (December 2017)

The EU and Japan concluded negotiations on a free-trade deal to create the world’s largest open economic area, rejecting the protectionist stance of U.S. President Donald Trump. Brussels will end EU import duties on Japanese autos. Japan will scrap duties on EU agricultural. The EU is the world’s biggest vehicle importer. The pact aims for a 2019 start. The U.S. economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending. GDP expanded at a 3.2-percent annual rate. It added a strong 228,000 jobs in November, whilst unemployment held at a 17-year low. But wage gains were muted. The annualized growth rate of average hourly earnings was a pedestrian 2.5 percent. The U.S. Federal Reserve hiked the benchmark interest rate and its economic-growth forecast sticking with a prediction of three 2018 raises. The Fed vote, the third in 2017, raised the lending rate by a quarter percentage point to a target of 1.25 to 1.5 percent. China's central bank followed by raising short-term interest rates. The People's Bank lifted its 7-day and 28-day reverse repurchase agreements by 5 basis points, a modest borrowing-cost rise and the first hike since March. Analysts said Beijing wants to limit capital outflow seeking stronger returns without harming economic growth. China’s environmental ministry said average air quality in 338 Chinese cities showed improvement in No-vember, but Beijing’s anti-pollution campaign could foster industrial materials shortages. Copper on the London Metal Exchange hit US$7,000 as U.S. Congressional Republicans approved a controversial U.S. tax bill that lowers corporate taxes. No Democratic legislators signed on, instead calling the debt-deepening measure a polarizing giveaway to the wealthy. President Donald Trump said he will now push infrastructure repairs, although analysts were skeptical. The Rasmussen presidential tracking poll showed that 44 percent of Likely voters approve of Trump’s job performance. But 54 percent disapprove. Conservative billionaire and former Presi-dent Sebastián Piñera won Chile's presidential runoff election, moving the top copper-producing nation back to the political right from its center-left path. A former airline magnate who talked of reversing social and economic changes, Piñera governed Chile 2010-2014. He handily beat his rival, supported by current Presi-dent Michelle Bachelet. Industrial metals came strong in late Decem-ber from a weak U.S. currency that makes dollar-denominated commodities cheaper for non-U.S. firms. Copper rose 6.3% percent to $7,157 a tonne, zinc gained 2.85 percent to $3,309, lead lost 0.4 percent to US2,495, tin gained 1.3 percent to $19,875 and nickel added 11 percent to $12,260. Australian miners were on track for their best close in nearly five years on Friday as positive com-modity market sentiment continued to buoy the mar-ket. ASX 300 Metals & Mining index was up as much as 1 per cent in early trading in Sydney, and was head-ing towards its best close since March 2013.The index, which includes iron ore mining giants BHP Billiton and Rio Tinto as well as major gold producers Newcrest and OceanaGold, has added 13 per cent so far this quarter and is up more than 20 per cent in 2017.

Daily Prices

January 2018

Copper
Date(Fix.) ($/MT)
Average 7089.78
23-01-2018 6905
22-01-2018 7049
19-01-2018 7079
18-01-2018 7047
17-01-2018 7047
16-01-2018 7023
15-01-2018 7180
12-01-2018 7070.5
11-01-2018 7123
10-01-2018 7140.5
09-01-2018 7092
08-01-2018 7084.5
05-01-2018 7097
04-01-2018 7202.5
03-01-2018 7115.5
02-01-2018 7181
Silver
Date(Fix.) ($/OZ)
Average 17.11
23-01-2018 16.98
22-01-2018 17.035
19-01-2018 17.04
18-01-2018 17.09
17-01-2018 17.21
16-01-2018 17.095
15-01-2018 17.325
12-01-2018 17.12
11-01-2018 17.01
10-01-2018 17.135
09-01-2018 17.055
08-01-2018 17.17
05-01-2018 17.155
04-01-2018 17.13
03-01-2018 17.125
02-01-2018 17.06
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1326.20
23-01-2018 1337.1
22-01-2018 1334.15
19-01-2018 1335.8
18-01-2018 1329.75
17-01-2018 1337.35
16-01-2018 1334.95
15-01-2018 1343
12-01-2018 1332.9
11-01-2018 1319.85
10-01-2018 1321.65
09-01-2018 1314.95
08-01-2018 1318.8
05-01-2018 1317.9
04-01-2018 1313.7
03-01-2018 1314.6
02-01-2018 1312.8
Date(Fix.) ($/OZ)
Average 1325.63
23-01-2018 1335.25
22-01-2018 1333.375
19-01-2018 1335.375
18-01-2018 1330.975
17-01-2018 1336.5
16-01-2018 1334.4
15-01-2018 1341.125
12-01-2018 1329.85
11-01-2018 1321.45
10-01-2018 1320.7
09-01-2018 1312.975
08-01-2018 1319.375
05-01-2018 1317.525
04-01-2018 1314.1
03-01-2018 1314.75
02-01-2018 1312.425
Date(Fix.) ($/OZ)
Average 1325.07
23-01-2018 1333.4
22-01-2018 1332.6
19-01-2018 1334.95
18-01-2018 1332.2
17-01-2018 1335.65
16-01-2018 1333.85
15-01-2018 1339.25
12-01-2018 1326.8
11-01-2018 1323.05
10-01-2018 1319.75
09-01-2018 1311
08-01-2018 1319.95
05-01-2018 1317.15
04-01-2018 1314.5
03-01-2018 1314.9
02-01-2018 1312.05
Lead
Date(Fix.) ($/MT)
Average 2578.16
23-01-2018 2610
22-01-2018 2607
19-01-2018 2608
18-01-2018 2581
17-01-2018 2555
16-01-2018 2542.5
15-01-2018 2582
12-01-2018 2536
11-01-2018 2572
10-01-2018 2596
09-01-2018 2608
08-01-2018 2566
05-01-2018 2590
04-01-2018 2573
03-01-2018 2580
02-01-2018 2544
Zinc
Date(Fix.) ($/MT)
Average 3413.69
23-01-2018 3443
22-01-2018 3441
19-01-2018 3463
18-01-2018 3410
17-01-2018 3445
16-01-2018 3429
15-01-2018 3474
12-01-2018 3420
11-01-2018 3420
10-01-2018 3381
09-01-2018 3401
08-01-2018 3391.5
05-01-2018 3396
04-01-2018 3377
03-01-2018 3350.5
02-01-2018 3377
Tin
Date(Fix.) ($/MT)
Average 20317.81
23-01-2018 20830
22-01-2018 20770
19-01-2018 20685
18-01-2018 20575
17-01-2018 20525
16-01-2018 20355
15-01-2018 20450
12-01-2018 20275
11-01-2018 20245
10-01-2018 20035
09-01-2018 20075
08-01-2018 19960
05-01-2018 20020
04-01-2018 20075
03-01-2018 20050
02-01-2018 20160
Nickel
Date(Fix.) ($/MT)
Average 12614.06
23-01-2018 12750
22-01-2018 12720
19-01-2018 12595
18-01-2018 12455
17-01-2018 12415
16-01-2018 12415
15-01-2018 12835
12-01-2018 12670
11-01-2018 12835
10-01-2018 12900
09-01-2018 12515
08-01-2018 12450
05-01-2018 12500
04-01-2018 12615
03-01-2018 12465
02-01-2018 12690
Cobalt
Date(Fix.) ($/MT)
Average 76843.75
23-01-2018 80000
22-01-2018 80000
19-01-2018 80500
18-01-2018 77000
17-01-2018 77000
16-01-2018 77000
15-01-2018 78500
12-01-2018 75500
11-01-2018 75500
10-01-2018 75500
09-01-2018 75500
08-01-2018 75500
05-01-2018 75500
04-01-2018 75500
03-01-2018 75500
02-01-2018 75500