Monthly Metal Review

Gold and Silver

In London, the Gold AM fixing was US$ 879.50 per ounce and spot Silver traded at US$ 16.85 per ounce May 30, 2008.
The gold market ignored news that demand for physical gold fell 16 percent in the first quarter compared with the same period of last year to its lowest level for 5 years. Investors looking for protection from inflation and the weakness of the US$ piled into the precious metal in the first quarter but that dented physical demand for jewellery and coins.
The silver market has lost some of its shine with prices dropping 22 percent since mid-March to US$ 16.6 an ounce, and further weakness appears likely over the medium term according to GFMS, the precious metals consultancy. Industrial silver demand rose 7.2 percent to 455.3 million ounces in 2007 but GFMS warns consumption is likely to fall this year, mainly due to weakness in the electronic sector.
On the supply side, mine production of silver has soared over the past 4 years, rising 11.6 percent since 2001 to 670.6 million ounces last year and a further 6 percent increase in 2008 is forecast by GFMS.
Pan American Silver produced 4.5 million ounces of silver in first quarter 2008, up 36 percent year on year, the company said. The company expects to produce 19.5 million ounces of silver in 2008, topping its record 17.1 million in 2007.

Daily Prices

May 2008

Copper
Date(Fix.) ($/MT)
Average 8382.78
30-05-2008 8105
29-05-2008 8110.5
28-05-2008 8176
27-05-2008 8376
23-05-2008 8278
22-05-2008 8420
21-05-2008 8395
20-05-2008 8360
19-05-2008 8540
16-05-2008 8470
15-05-2008 8360
14-05-2008 8180
13-05-2008 8410
12-05-2008 8276
09-05-2008 8400
08-05-2008 8460
07-05-2008 8641
06-05-2008 8622
02-05-2008 8390
01-05-2008 8686
Silver
Date(Fix.) ($/OZ)
Average 17.05
30-05-2008 16.85
29-05-2008 17.17
28-05-2008 17.26
27-05-2008 18.14
23-05-2008 18.1
22-05-2008 17.82
21-05-2008 17.77
20-05-2008 17.03
19-05-2008 17.18
16-05-2008 16.83
15-05-2008 16.6
14-05-2008 16.69
13-05-2008 17.08
12-05-2008 16.74
09-05-2008 16.97
08-05-2008 16.58
07-05-2008 16.69
06-05-2008 16.7
02-05-2008 16.19
01-05-2008 16.64
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
30-05-2008 -
29-05-2008 -
28-05-2008 -
27-05-2008 -
23-05-2008 -
22-05-2008 -
21-05-2008 -
20-05-2008 -
19-05-2008 -
16-05-2008 -
15-05-2008 -
14-05-2008 -
13-05-2008 -
12-05-2008 -
09-05-2008 -
08-05-2008 -
07-05-2008 -
06-05-2008 -
02-05-2008 -
01-05-2008 -
Date(Fix.) ($/OZ)
Average -
30-05-2008 -
29-05-2008 -
28-05-2008 -
27-05-2008 -
23-05-2008 -
22-05-2008 -
21-05-2008 -
20-05-2008 -
19-05-2008 -
16-05-2008 -
15-05-2008 -
14-05-2008 -
13-05-2008 -
12-05-2008 -
09-05-2008 -
08-05-2008 -
07-05-2008 -
06-05-2008 -
02-05-2008 -
01-05-2008 -
Date(Fix.) ($/OZ)
Average 888.68
30-05-2008 885.75
29-05-2008 883
28-05-2008 902.5
27-05-2008 906.75
23-05-2008 927.5
22-05-2008 922.75
21-05-2008 923
20-05-2008 914.5
19-05-2008 906.5
16-05-2008 897
15-05-2008 881.25
14-05-2008 866.5
13-05-2008 865
12-05-2008 883.5
09-05-2008 876
08-05-2008 877
07-05-2008 868.5
06-05-2008 880
02-05-2008 853.5
01-05-2008 853
Lead
Date(Fix.) ($/MT)
Average 2234.63
30-05-2008 1940
29-05-2008 1921
28-05-2008 1990
27-05-2008 2011
23-05-2008 1998
22-05-2008 2097.5
21-05-2008 2133
20-05-2008 2137
19-05-2008 2262
16-05-2008 2300.5
15-05-2008 2246
14-05-2008 2203
13-05-2008 2283
12-05-2008 2232
09-05-2008 2285.5
08-05-2008 2410.5
07-05-2008 2481
06-05-2008 2581
02-05-2008 2530
01-05-2008 2650.5
Zinc
Date(Fix.) ($/MT)
Average 2182.10
30-05-2008 1979.5
29-05-2008 2015
28-05-2008 2075.5
27-05-2008 2139.5
23-05-2008 2111.5
22-05-2008 2169
21-05-2008 2216
20-05-2008 2220
19-05-2008 2265.5
16-05-2008 2323
15-05-2008 2261
14-05-2008 2270
13-05-2008 2289.5
12-05-2008 2159
09-05-2008 2165.5
08-05-2008 2190.5
07-05-2008 2235.5
06-05-2008 2215
02-05-2008 2146
01-05-2008 2195.5
Tin
Date(Fix.) ($/MT)
Average 24062.25
30-05-2008 21175
29-05-2008 22655
28-05-2008 23850
27-05-2008 24275
23-05-2008 23690
22-05-2008 24420
21-05-2008 24275
20-05-2008 23850
19-05-2008 24200
16-05-2008 25240
15-05-2008 25500
14-05-2008 25155
13-05-2008 25395
12-05-2008 24700
09-05-2008 24565
08-05-2008 24600
07-05-2008 24270
06-05-2008 23500
02-05-2008 22840
01-05-2008 23090