Monthly Metal Review

Overview

Gold surged towards the US$ 800 level on high oil prices and a weak dollar and the yellow metal looks likely to climb further on strong physical demand, traders said. Silver moved in parallel to gold and rose to as high as US$ 14 an ounce, its highest level in six months. Lead prices continued a record-breaking run with the three-month price spiking above US$ 3,800 a ton. The market has suffered supply disruptions in the approach to a period of strong for demand from battery makers.

High demand and record prices for commodities have pushed up international freight rates. The Baltic Dry index, a composite index of shipping costs for dry bulk materials, hit a record of more than 11,000 points for the first time. The index was bolstered by demand for iron ore and coal from

China and a jump in US cereal exports to the Asia-Pacific region. Freight costs have risen fivefold since 2003. Congestion at ports in Australia and Brazil, important exports of raw materials to China, have increased and are contributing to the tightness of the shipping market.
US consumers continued to spend despite a worsening downturn in the housing market as retail sales rose an estimated 0.6 percent in September.
 
US exports hit records and helped to drive down the trade deficit for the world’s largest economy amid strong demand from Europe and Asia. The trade gap narrowed in August to $ 57.6 billion from US$ 59 billion.
 
The eurozone industrial production rose 1.2 percent in August from a 0.7 percent increase in July 2007.
 
In China, the economy grew at an annual rate of 11.5 percent in the third quarter on the back of robust investment and exports, only marginally slower than the 11.9 percent rate seen in the second quarter.
 
Japan ’s trade surplus surged to a record high in September. It expanded 63 percent from a year earlier to US$ 14 billion.

Daily Prices

October 2007

Copper
Date(Fix.) ($/MT)
Average 8008.43
31-10-2007 7761
30-10-2007 7695
29-10-2007 7940
26-10-2007 7860.5
25-10-2007 7792.5
24-10-2007 7736
23-10-2007 7900
22-10-2007 7725
19-10-2007 7909.5
18-10-2007 7981
17-10-2007 7991
16-10-2007 8081
15-10-2007 8285
12-10-2007 8100
11-10-2007 8226
10-10-2007 8135.5
09-10-2007 7991
08-10-2007 7990
05-10-2007 8230
04-10-2007 8270
03-10-2007 8301
02-10-2007 8161
01-10-2007 8132
Silver
Date(Fix.) ($/OZ)
Average 13.67
31-10-2007 14.32
30-10-2007 14.175
29-10-2007 14.41
26-10-2007 14.07
25-10-2007 13.725
24-10-2007 13.44
23-10-2007 13.57
22-10-2007 13.35
19-10-2007 13.83
18-10-2007 13.68
17-10-2007 13.6
16-10-2007 13.66
15-10-2007 13.95
12-10-2007 13.79
11-10-2007 13.67
10-10-2007 13.62
09-10-2007 13.21
08-10-2007 13.29
05-10-2007 13.435
04-10-2007 13.22
03-10-2007 13.35
02-10-2007 13.28
01-10-2007 13.775
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
31-10-2007 -
30-10-2007 -
29-10-2007 -
26-10-2007 -
25-10-2007 -
24-10-2007 -
23-10-2007 -
22-10-2007 -
19-10-2007 -
18-10-2007 -
17-10-2007 -
16-10-2007 -
15-10-2007 -
12-10-2007 -
11-10-2007 -
10-10-2007 -
09-10-2007 -
08-10-2007 -
05-10-2007 -
04-10-2007 -
03-10-2007 -
02-10-2007 -
01-10-2007 -
Date(Fix.) ($/OZ)
Average -
31-10-2007 -
30-10-2007 -
29-10-2007 -
26-10-2007 -
25-10-2007 -
24-10-2007 -
23-10-2007 -
22-10-2007 -
19-10-2007 -
18-10-2007 -
17-10-2007 -
16-10-2007 -
15-10-2007 -
12-10-2007 -
11-10-2007 -
10-10-2007 -
09-10-2007 -
08-10-2007 -
05-10-2007 -
04-10-2007 -
03-10-2007 -
02-10-2007 -
01-10-2007 -
Date(Fix.) ($/OZ)
Average 754.55
31-10-2007 786.25
30-10-2007 783.63
29-10-2007 790.5
26-10-2007 777.38
25-10-2007 766.25
24-10-2007 757.43
23-10-2007 757.88
22-10-2007 753.43
19-10-2007 765.63
18-10-2007 761.25
17-10-2007 761.13
16-10-2007 759.25
15-10-2007 757.35
12-10-2007 749
11-10-2007 748.25
10-10-2007 740.88
09-10-2007 732.4
08-10-2007 735.13
05-10-2007 736.43
04-10-2007 726.13
03-10-2007 731.7
02-10-2007 733.38
01-10-2007 743.88
Lead
Date(Fix.) ($/MT)
Average 3719.72
31-10-2007 3691
30-10-2007 3540
29-10-2007 3710
26-10-2007 3704.5
25-10-2007 3615
24-10-2007 3580
23-10-2007 3704.5
22-10-2007 3585
19-10-2007 3830
18-10-2007 3655
17-10-2007 3620
16-10-2007 3799
15-10-2007 3980
12-10-2007 3894.5
11-10-2007 3959
10-10-2007 3975
09-10-2007 3855
08-10-2007 3740
05-10-2007 3804
04-10-2007 3661
03-10-2007 3677
02-10-2007 3529
01-10-2007 3445
Zinc
Date(Fix.) ($/MT)
Average 2975.33
31-10-2007 2795.5
30-10-2007 2816
29-10-2007 2905
26-10-2007 2878
25-10-2007 2853
24-10-2007 2855.5
23-10-2007 2930
22-10-2007 2820
19-10-2007 2970.5
18-10-2007 2959
17-10-2007 2965
16-10-2007 3045
15-10-2007 3161
12-10-2007 3105.5
11-10-2007 3095.5
10-10-2007 3051
09-10-2007 2990
08-10-2007 2930.5
05-10-2007 3070
04-10-2007 3025.5
03-10-2007 3110
02-10-2007 3056
01-10-2007 3045
Tin
Date(Fix.) ($/MT)
Average 16071.30
31-10-2007 16675
30-10-2007 16550
29-10-2007 16550
26-10-2007 16300
25-10-2007 16075
24-10-2007 15905
23-10-2007 16225
22-10-2007 16025
19-10-2007 16250
18-10-2007 16050
17-10-2007 16205
16-10-2007 16400
15-10-2007 16400
12-10-2007 16255
11-10-2007 15950
10-10-2007 16050
09-10-2007 15705
08-10-2007 15850
05-10-2007 15970
04-10-2007 15705
03-10-2007 15750
02-10-2007 15450
01-10-2007 15345