Monthly Metal Review

Nickel and Cobalt

    In London, Nickel prices are on the move again and rallied to a 6-month high at US$ 20,275 per ton (MTD: +8.25%, YTD: +9.71%), with a contango of US$ 75, on the 25th of February 2010.
    On the demand side, China imported 19% more nickel in January, up for the fourth month in a row. Refined nickel imports surged by 113% YoY to 16,219 tons in January, but such volume remains low compared to the 2009 monthly average of 20,851 tons.
    In Finland, Talvivaara Mining Company PLC restarted its nickel plant after a catalyst failure forced a shutdown earlier in the month. It expects to produce 30,000 tons of nickel and to reach full capacity in 2012, when it will produce 50,000 tons of nickel.
    In Brazil, Anglo American maintains its plan to boost production of nickel by 139% and their Barro Alto nickel project is on schedule to start up in 2011 and will produce an average 36,000 tons per year of nickel at full production. LME Nickel stocks dropped by 1.9%, to 161,742 tons.
    The headline this month was the launch of cobalt futures contracts on February 22. The new 3-month cobalt LME contract closed at US$ 39,000 per ton on the 25th February 2010. Cobalt's first three-month-to-fifteen-month spread was in small backwardation. On the first day of trading, the LME transacted 90 lots of 1 ton of cobalt with a total value of $3.6 million. The contract will gather pace as consumers and producers become more used to trading their cobalt. Cobalt miners expect new contracts to bring a measure of stability to what have historically been volatile prices and will allow producers and buyers of metal to hedge the risk of future price movements. The LME cobalt contract will bring more transparency and security, and will enable the market to access finance more easily and develop new projects and applications.
    Refined global production for cobalt was around 54,000 tons last year, with consumption at about 52,000 tons. Prices of cobalt have risen by as much as 14% this year, before tracking back, as supply tightness, and improving demand and economic conditions boost prices.
    In DRC, the Katanga province has lifted the ban on cobalt ore exports. As a result, Katanga Mining will quadruple cobalt production by 2011. This year, Katanga will increase production by 117% to 5,500t.

Daily Prices

February 2010

Copper
Date(Fix.) ($/MT)
Average 6848.18
26-02-2010 7072
25-02-2010 7046
24-02-2010 7032
23-02-2010 7227
22-02-2010 7338
19-02-2010 7193
18-02-2010 7086
17-02-2010 7119.5
16-02-2010 6940
15-02-2010 6841
12-02-2010 6766
11-02-2010 6672.5
10-02-2010 6610.5
09-02-2010 6485
08-02-2010 6329
05-02-2010 6242
04-02-2010 6571
03-02-2010 6853
02-02-2010 6865
01-02-2010 6675
Silver
Date(Fix.) ($/OZ)
Average 15.87
26-02-2010 16.12
25-02-2010 15.92
24-02-2010 15.76
23-02-2010 16.1
22-02-2010 16.44
19-02-2010 15.95
18-02-2010 15.83
17-02-2010 16.21
16-02-2010 15.82
15-02-2010 15.57
12-02-2010 15.33
11-02-2010 15.37
10-02-2010 15.6
09-02-2010 15.2
08-02-2010 15.14
05-02-2010 15.17
04-02-2010 16.13
03-02-2010 16.79
02-02-2010 16.78
01-02-2010 16.23
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
26-02-2010 -
25-02-2010 -
24-02-2010 -
23-02-2010 -
22-02-2010 -
19-02-2010 -
18-02-2010 -
17-02-2010 -
16-02-2010 -
15-02-2010 -
12-02-2010 -
11-02-2010 -
10-02-2010 -
09-02-2010 -
08-02-2010 -
05-02-2010 -
04-02-2010 -
03-02-2010 -
02-02-2010 -
01-02-2010 -
Date(Fix.) ($/OZ)
Average -
26-02-2010 -
25-02-2010 -
24-02-2010 -
23-02-2010 -
22-02-2010 -
19-02-2010 -
18-02-2010 -
17-02-2010 -
16-02-2010 -
15-02-2010 -
12-02-2010 -
11-02-2010 -
10-02-2010 -
09-02-2010 -
08-02-2010 -
05-02-2010 -
04-02-2010 -
03-02-2010 -
02-02-2010 -
01-02-2010 -
Date(Fix.) ($/OZ)
Average 1095.41
26-02-2010 1108.25
25-02-2010 1094.5
24-02-2010 1103
23-02-2010 1107
22-02-2010 1115.25
19-02-2010 1112.75
18-02-2010 1118
17-02-2010 1119
16-02-2010 1115.25
15-02-2010 1098.25
12-02-2010 1082
11-02-2010 1076.25
10-02-2010 1069.5
09-02-2010 1071.25
08-02-2010 1064
05-02-2010 1058
04-02-2010 1083.25
03-02-2010 1115.25
02-02-2010 1111
01-02-2010 1086.5
Lead
Date(Fix.) ($/MT)
Average 2123.68
26-02-2010 2138.5
25-02-2010 2150
24-02-2010 2167.5
23-02-2010 2295
22-02-2010 2319.5
19-02-2010 2289.5
18-02-2010 2240
17-02-2010 2275
16-02-2010 2196
15-02-2010 2135
12-02-2010 2080
11-02-2010 2065
10-02-2010 2079.5
09-02-2010 1972
08-02-2010 1935
05-02-2010 1925
04-02-2010 2005
03-02-2010 2110
02-02-2010 2095
01-02-2010 2001
Zinc
Date(Fix.) ($/MT)
Average 2156.90
26-02-2010 2157.5
25-02-2010 2148.5
24-02-2010 2157
23-02-2010 2226
22-02-2010 2285.5
19-02-2010 2261
18-02-2010 2250.5
17-02-2010 2291
16-02-2010 2222.5
15-02-2010 2182
12-02-2010 2130.5
11-02-2010 2155
10-02-2010 2147.5
09-02-2010 2046
08-02-2010 1999
05-02-2010 1981
04-02-2010 2082.5
03-02-2010 2165
02-02-2010 2157.5
01-02-2010 2092.5
Tin
Date(Fix.) ($/MT)
Average 16361.75
26-02-2010 16675
25-02-2010 16830
24-02-2010 16660
23-02-2010 17000
22-02-2010 17005
19-02-2010 16900
18-02-2010 16655
17-02-2010 16700
16-02-2010 16605
15-02-2010 16400
12-02-2010 16125
11-02-2010 16000
10-02-2010 15955
09-02-2010 15500
08-02-2010 14950
05-02-2010 15665
04-02-2010 16620
03-02-2010 16600
02-02-2010 16330
01-02-2010 16060