Monthly Metal Review

Nickel / Cobalt & Lithium


    In London, Nickel rose by 12.7% to US$ 22,810 per ton, with a contango of US$ 85 , on the 29th of October 2010, while cobalt min. 99.3% traded at US$ 20.375 per pound.
    Analysis of the latest data on imports and changes in port stocks suggests China's nickel pig iron production surged to a new monthly record of 23,800 tons in September (+45% MoM, + 8% YoY). With Vale Inco's Canadian plants moving back toward normal operations and substantial new capacity scheduled to come on stream the nickel price outlook, appears increasingly bleak on a one-year view. China Customs latest data show the country’s reported imports of nickel ore rose by almost 40% MoM to 2.7 million tons in September. Although total nickel ore imports were 3% lower YoY, disaggregating the data by origin shows that Indonesia contributed all of the increase in imports last month, with an advance of 60% MoM and 16% YoY. Meanwhile, imports from the Philippines fell. The significance of this, of course, is that the average grade of Indonesian nickel ores is higher.
    Xstrata has announced that it is planning to restart its Falcondo ferronickel operation in the Dominican Republic. The operation, which has been on care and maintenance since the end of 2008, is expected to ramp up to 50% of its 30,000 tpy capacity by March 2011.The company stated that the recommencing the company at half of its capacity will result in generating maximum revenue with minimum investment. According to the company the work has been done on the operation to increase the efficiency of the operation. Also, at present the operation is being modified to use procured electricity instead of oil as its primary energy source in effort to cut cost further.
Production during the first year is expected to be 7,000 tons and 15,000 tons in the second year onwards.
    Talvivaara has increased its nickel resources at its sulphide bio-heap operation in Finland to 3.4 million tons which would extend the mine life from 30 years to 53 years. The company has indicated that the increase would allow it to increase its annual production from the planned 50,000 tpy to 80,000 tpy. 
    Sinosteel Binhai Industry is planning to start-up a 80,000 tpy ferronickel smelter next month. The company intends to source ore from Indonesia to produce a ferronickel grading 20% nickel. Meanwhile in Western Australia,   First Quantum is planning to restart its Ravensthorpe high pressure acid project by the Q2 2011. Previously, the company stated that the start-up will be followed by a nine month ramp up to full its production of 39,000 tpy.
    LME nickel stocks slightly rose to 128,160 tons in October.

Daily Prices

October 2010

Copper
Date(Fix.) ($/MT)
Average 8292.40
29-10-2010 8225
28-10-2010 8332
27-10-2010 8332
26-10-2010 8466
25-10-2010 8501
22-10-2010 8309.5
21-10-2010 8406
20-10-2010 8250
19-10-2010 8295
18-10-2010 8340.5
15-10-2010 8362.5
14-10-2010 8412
13-10-2010 8400
12-10-2010 8266
11-10-2010 8335.5
08-10-2010 8104.5
07-10-2010 8262
06-10-2010 8215.5
05-10-2010 8125
04-10-2010 8085.5
01-10-2010 8115
Silver
Date(Fix.) ($/OZ)
Average 23.39
29-10-2010 23.96
28-10-2010 23.73
27-10-2010 23.77
26-10-2010 23.48
25-10-2010 23.71
22-10-2010 23.05
21-10-2010 23.9
20-10-2010 23.71
19-10-2010 24.26
18-10-2010 24.02
15-10-2010 24.42
14-10-2010 24.49
13-10-2010 23.53
12-10-2010 23.03
11-10-2010 23.31
08-10-2010 22.37
07-10-2010 23.38
06-10-2010 22.92
05-10-2010 22.24
04-10-2010 22.03
01-10-2010 21.95
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
29-10-2010 -
28-10-2010 -
27-10-2010 -
26-10-2010 -
25-10-2010 -
22-10-2010 -
21-10-2010 -
20-10-2010 -
19-10-2010 -
18-10-2010 -
15-10-2010 -
14-10-2010 -
13-10-2010 -
12-10-2010 -
11-10-2010 -
08-10-2010 -
07-10-2010 -
06-10-2010 -
05-10-2010 -
04-10-2010 -
01-10-2010 -
Date(Fix.) ($/OZ)
Average -
29-10-2010 -
28-10-2010 -
27-10-2010 -
26-10-2010 -
25-10-2010 -
22-10-2010 -
21-10-2010 -
20-10-2010 -
19-10-2010 -
18-10-2010 -
15-10-2010 -
14-10-2010 -
13-10-2010 -
12-10-2010 -
11-10-2010 -
08-10-2010 -
07-10-2010 -
06-10-2010 -
05-10-2010 -
04-10-2010 -
01-10-2010 -
Date(Fix.) ($/OZ)
Average 1342.02
29-10-2010 1346.75
28-10-2010 1333.5
27-10-2010 1324.5
26-10-2010 1329.5
25-10-2010 1337.5
22-10-2010 1322.5
21-10-2010 1343.5
20-10-2010 1339
19-10-2010 1339
18-10-2010 1367.25
15-10-2010 1367.5
14-10-2010 1373.25
13-10-2010 1365.5
12-10-2010 1348.5
11-10-2010 1351.5
08-10-2010 1341.5
07-10-2010 1345
06-10-2010 1346.5
05-10-2010 1330.5
04-10-2010 1313.5
01-10-2010 1316.25
Lead
Date(Fix.) ($/MT)
Average 2379.67
29-10-2010 2437
28-10-2010 2480
27-10-2010 2532
26-10-2010 2541
25-10-2010 2560
22-10-2010 2494
21-10-2010 2475
20-10-2010 2381
19-10-2010 2377
18-10-2010 2373
15-10-2010 2377
14-10-2010 2402
13-10-2010 2408
12-10-2010 2275
11-10-2010 2270.5
08-10-2010 2199
07-10-2010 2281
06-10-2010 2293.5
05-10-2010 2275
04-10-2010 2265.5
01-10-2010 2276.5
Zinc
Date(Fix.) ($/MT)
Average 2372.14
29-10-2010 2392.5
28-10-2010 2464
27-10-2010 2515.5
26-10-2010 2556.5
25-10-2010 2552.5
22-10-2010 2489.5
21-10-2010 2457
20-10-2010 2383.5
19-10-2010 2376.5
18-10-2010 2365.5
15-10-2010 2380
14-10-2010 2399
13-10-2010 2381
12-10-2010 2309.5
11-10-2010 2302
08-10-2010 2232
07-10-2010 2302
06-10-2010 2298
05-10-2010 2260
04-10-2010 2205.5
01-10-2010 2193
Tin
Date(Fix.) ($/MT)
Average 26342.62
29-10-2010 25460
28-10-2010 26300
27-10-2010 26340
26-10-2010 26550
25-10-2010 26795
22-10-2010 26405
21-10-2010 26900
20-10-2010 26405
19-10-2010 26545
18-10-2010 26540
15-10-2010 26855
14-10-2010 27600
13-10-2010 26800
12-10-2010 26600
11-10-2010 26395
08-10-2010 26025
07-10-2010 26550
06-10-2010 26400
05-10-2010 25750
04-10-2010 24930
01-10-2010 25050