Monthly Metal Review

Overview

Base metals have come under pressure in recent weeks amid growing concerns over the possibility of a US recession and knock-on effects in the rest of the world. Copper, the bellwether of the base metals sector, has fallen almost 18 percent since the start of October because of a substantial increase of almost 55,000 tons in LME stocks. Zinc has plunged some 47 percent this year as supplies are set to improve. Lead sank below the US$ 3,000 a ton level after Ivernia said it was confident that shipments would restart from the Magellan mine in Australia in the first quarter of 2008. Gold hit its record high of US$ 845 an ounce, helped by renewed weakness in the US dollar, which fell to a new record low against the euro. Gold has since then retreated to US$ 800 an ounce.

US house prices fell at their fastest rate in more than two decades during the third quarter, according to a measure of house prices widely followed by investors. The S&P/Case-Shiller index suggests that house prices nationwide fell 1.7 percent from the second quarter and were down on average by 4.9 percent year on year.
Non defense capital good orders decreased in October by 3.1 percent, giving signs of a possible slowing economy.
Business confidence in Germany, Europe’s largest economy, rose unexpectedly in November, according to a closely-watched survey. The increase in the Munich-based Ifo’s business climate index will damp speculation that the European Central Bank might be forced to cut its main interest rate next year. It suggested that economic growth was only gradually slowing - despite the euro’s rise to record levels and higher borrowing costs.
China ’s trade surplus rose to a record US$ 27.1 billion in October. China’s accumulated trade surplus for the first 10 months of the year reached US$ 212.4 billion, an increase of 59 percent from the same period a year earlier.
 
Japan ’s exports hit a record high in October, boosted by European and Asian demand. Overall exports increased 13.9 percent from a year earlier to a record US$ 69 billion despite a stronger yen. Imports rose 8.6 percent, boosted by crude oil import costs, leaving Japan with a trade surplus of US$ 9.1 billion, up 66.1 percent from a year earlier.

Daily Prices

November 2007

Copper
Date(Fix.) ($/MT)
Average 6967.21
29-11-2007 6825
28-11-2007 6540
27-11-2007 6620
26-11-2007 6740
23-11-2007 6632
22-11-2007 6492
21-11-2007 6535.5
20-11-2007 6615.5
19-11-2007 6883
16-11-2007 6825.5
15-11-2007 7051
14-11-2007 7021
13-11-2007 6980
12-11-2007 6779
09-11-2007 7021
08-11-2007 7222
07-11-2007 7451
06-11-2007 7470
05-11-2007 7412
02-11-2007 7535
01-11-2007 7661
Silver
Date(Fix.) ($/OZ)
Average 14.72
29-11-2007 14.38
28-11-2007 14.275
27-11-2007 14.65
26-11-2007 14.885
23-11-2007 14.55
22-11-2007 14.52
21-11-2007 14.55
20-11-2007 14.36
19-11-2007 14.52
16-11-2007 14.45
15-11-2007 14.82
14-11-2007 14.97
13-11-2007 14.675
12-11-2007 15.14
09-11-2007 15.15
08-11-2007 15.36
07-11-2007 15.82
06-11-2007 14.96
05-11-2007 14.49
02-11-2007 14.32
01-11-2007 14.36
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
29-11-2007 -
28-11-2007 -
27-11-2007 -
26-11-2007 -
23-11-2007 -
22-11-2007 -
21-11-2007 -
20-11-2007 -
19-11-2007 -
16-11-2007 -
15-11-2007 -
14-11-2007 -
13-11-2007 -
12-11-2007 -
09-11-2007 -
08-11-2007 -
07-11-2007 -
06-11-2007 -
05-11-2007 -
02-11-2007 -
01-11-2007 -
Date(Fix.) ($/OZ)
Average -
29-11-2007 -
28-11-2007 -
27-11-2007 -
26-11-2007 -
23-11-2007 -
22-11-2007 -
21-11-2007 -
20-11-2007 -
19-11-2007 -
16-11-2007 -
15-11-2007 -
14-11-2007 -
13-11-2007 -
12-11-2007 -
09-11-2007 -
08-11-2007 -
07-11-2007 -
06-11-2007 -
05-11-2007 -
02-11-2007 -
01-11-2007 -
Date(Fix.) ($/OZ)
Average 808.15
29-11-2007 800.88
28-11-2007 799.13
27-11-2007 817
26-11-2007 833.13
23-11-2007 812.88
22-11-2007 802.75
21-11-2007 797.13
20-11-2007 792.58
19-11-2007 783.68
16-11-2007 790
15-11-2007 800
14-11-2007 810.88
13-11-2007 803.83
12-11-2007 810.25
09-11-2007 833.75
08-11-2007 836.68
07-11-2007 838.13
06-11-2007 820.03
05-11-2007 803.63
02-11-2007 793.63
01-11-2007 791.13
Lead
Date(Fix.) ($/MT)
Average 3341.43
29-11-2007 3059.5
28-11-2007 2960
27-11-2007 2990
26-11-2007 3046
23-11-2007 2911
22-11-2007 2876
21-11-2007 2980
20-11-2007 3056
19-11-2007 3155
16-11-2007 3380
15-11-2007 3530
14-11-2007 3580
13-11-2007 3540
12-11-2007 3487
09-11-2007 3504.5
08-11-2007 3492
07-11-2007 3680
06-11-2007 3790
05-11-2007 3762
02-11-2007 3765
01-11-2007 3626
Zinc
Date(Fix.) ($/MT)
Average 2541.83
29-11-2007 2495
28-11-2007 2367
27-11-2007 2365.5
26-11-2007 2320
23-11-2007 2235.5
22-11-2007 2214
21-11-2007 2245
20-11-2007 2321
19-11-2007 2421.5
16-11-2007 2506
15-11-2007 2596
14-11-2007 2681.5
13-11-2007 2665.5
12-11-2007 2640
09-11-2007 2719.5
08-11-2007 2775.5
07-11-2007 2795
06-11-2007 2767.5
05-11-2007 2730.5
02-11-2007 2785
01-11-2007 2732
Tin
Date(Fix.) ($/MT)
Average 16677.62
29-11-2007 16900
28-11-2007 16750
27-11-2007 16700
26-11-2007 16650
23-11-2007 16625
22-11-2007 16205
21-11-2007 16050
20-11-2007 16100
19-11-2007 17125
16-11-2007 17300
15-11-2007 17125
14-11-2007 16925
13-11-2007 16850
12-11-2007 16850
09-11-2007 16650
08-11-2007 16550
07-11-2007 16650
06-11-2007 16825
05-11-2007 16500
02-11-2007 16450
01-11-2007 16450