Monthly Metal Review

Overview

Sentiment towards base metals was half-hearted at the start of the year because of concerns about the global economy outlook. The turmoil in the credit market and its impact on the broader financial market has increased investor uncertainty and is a major driver of the gold rally. Base metals are the most strongly linked of all commodities with the US economic cycle and as such, they stand to lose the most from a downturn in the US economic growth. The situation in South Africa, where mines resumed production after a power crisis crippled the country’s industry for five days, also increased uncertainty.
Fears over the mounting likelihood of a recession in the US prompted a 75 basis point cut on January 22 and another half-percentage point on January 30 in US interest rates by the Federal Reserve. The moves down now to 3 per cent was part of an ongoing aggressive effort to halt a sharp slowdown in an economy hit by a housing slump and a credit crunch.
Sales of new homes in the US dropped 4.7 per cent in December 2007 to an annual pace of 604,000, their lowest level since 1995.
Germany’s business climate index rose from 103.0 in December to 103.4 in January, reflecting greater optimism in Europe’s largest economy about the next six months.
China’s trade surplus for 2007 was up 47.7 percent on 2006 to a record US$ 262 billion, driven by solid demand for textiles and footwear and sharply rising sales of electronics and metals, especially steel.
China’s 2007 gross domestic product growth was the highest in 13 years at 11.4 per cent, against 11.1 per cent in 2006.

Daily Prices

January 2008

Copper
Date(Fix.) ($/MT)
Average 7061.02
31-01-2008 7170.5
30-01-2008 7165
29-01-2008 7171
28-01-2008 6893
25-01-2008 7120
24-01-2008 7092
23-01-2008 7000.5
22-01-2008 6920
21-01-2008 6910
18-01-2008 7062
17-01-2008 7121.5
16-01-2008 7020
15-01-2008 7225.5
14-01-2008 7361
11-01-2008 7196
10-01-2008 7120.5
09-01-2008 7351
08-01-2008 7106
07-01-2008 6915.5
04-01-2008 6990.5
03-01-2008 6765
02-01-2008 6666
Silver
Date(Fix.) ($/OZ)
Average 15.96
31-01-2008 16.76
30-01-2008 16.76
29-01-2008 16.75
28-01-2008 16.44
25-01-2008 16.53
24-01-2008 16.35
23-01-2008 15.95
22-01-2008 15.57
21-01-2008 15.77
18-01-2008 15.83
17-01-2008 15.88
16-01-2008 15.85
15-01-2008 16.24
14-01-2008 16.5
11-01-2008 16.06
10-01-2008 15.62
09-01-2008 16
08-01-2008 15.49
07-01-2008 15.24
04-01-2008 15.28
03-01-2008 15.38
02-01-2008 14.93
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
31-01-2008 -
30-01-2008 -
29-01-2008 -
28-01-2008 -
25-01-2008 -
24-01-2008 -
23-01-2008 -
22-01-2008 -
21-01-2008 -
18-01-2008 -
17-01-2008 -
16-01-2008 -
15-01-2008 -
14-01-2008 -
11-01-2008 -
10-01-2008 -
09-01-2008 -
08-01-2008 -
07-01-2008 -
04-01-2008 -
03-01-2008 -
02-01-2008 -
Date(Fix.) ($/OZ)
Average -
31-01-2008 -
30-01-2008 -
29-01-2008 -
28-01-2008 -
25-01-2008 -
24-01-2008 -
23-01-2008 -
22-01-2008 -
21-01-2008 -
18-01-2008 -
17-01-2008 -
16-01-2008 -
15-01-2008 -
14-01-2008 -
11-01-2008 -
10-01-2008 -
09-01-2008 -
08-01-2008 -
07-01-2008 -
04-01-2008 -
03-01-2008 -
02-01-2008 -
Date(Fix.) ($/OZ)
Average 888.69
31-01-2008 923.5
30-01-2008 921.38
29-01-2008 926
28-01-2008 919.13
25-01-2008 919.75
24-01-2008 900.38
23-01-2008 888.03
22-01-2008 868.5
21-01-2008 872.75
18-01-2008 877.38
17-01-2008 884.88
16-01-2008 885.38
15-01-2008 908.88
14-01-2008 906.75
11-01-2008 892.38
10-01-2008 879.25
09-01-2008 882.43
08-01-2008 873.38
07-01-2008 858.38
04-01-2008 856.88
03-01-2008 862.1
02-01-2008 843.75
Lead
Date(Fix.) ($/MT)
Average 2608.14
31-01-2008 2741.5
30-01-2008 2741
29-01-2008 2730
28-01-2008 2586.5
25-01-2008 2650.5
24-01-2008 2579.5
23-01-2008 2540.5
22-01-2008 2480
21-01-2008 2513.5
18-01-2008 2550
17-01-2008 2610
16-01-2008 2610
15-01-2008 2680
14-01-2008 2640
11-01-2008 2551
10-01-2008 2525.5
09-01-2008 2630
08-01-2008 2580.5
07-01-2008 2601
04-01-2008 2665
03-01-2008 2593
02-01-2008 2580
Zinc
Date(Fix.) ($/MT)
Average 2340.11
31-01-2008 2392
30-01-2008 2312.5
29-01-2008 2310.5
28-01-2008 2210
25-01-2008 2241.5
24-01-2008 2235.5
23-01-2008 2216
22-01-2008 2180
21-01-2008 2260.5
18-01-2008 2240.5
17-01-2008 2270.5
16-01-2008 2262
15-01-2008 2295.5
14-01-2008 2375.5
11-01-2008 2321
10-01-2008 2409.5
09-01-2008 2527
08-01-2008 2534
07-01-2008 2475.5
04-01-2008 2563
03-01-2008 2466
02-01-2008 2384
Tin
Date(Fix.) ($/MT)
Average 16337.27
31-01-2008 16835
30-01-2008 16700
29-01-2008 16575
28-01-2008 16250
25-01-2008 16300
24-01-2008 16550
23-01-2008 16345
22-01-2008 16000
21-01-2008 16175
18-01-2008 16450
17-01-2008 16350
16-01-2008 16060
15-01-2008 16145
14-01-2008 16350
11-01-2008 16175
10-01-2008 16150
09-01-2008 16450
08-01-2008 16400
07-01-2008 16200
04-01-2008 16550
03-01-2008 16355
02-01-2008 16055