Monthly Metal Review

Overview

Weakness in the US dollar this year has fuelled broad-based investment in commodities, helping send oil, gold, copper and tin to record highs. Commodity markets made a sluggish start to the second quarter. Supply concerns and evidence of rising demand from China drove oil to a record of close to US$ 120 a barrel on April 22. Gold appears to have lost some of its momentum in recent weeks, sinking below the US$ 900 level from a recovery in the dollar. Copper prices remain supported at elevated levels by dwindling stockpiles ands fears of a supply shortage linked to a mining strike in South America. Tin touched a lifetime high of $ 24,000 a ton on concerns about supply tightness after Indonesia formalised an export limit of 100,000 tons for this year. Congestion at major coal and iron ore ports in Brazil and Australia has pushed up freight rates for commodities such as iron ore, coal, copper concentrate and alumina, while Panama Canal delays have contributed to the shortage of ships at the key loading ports in the Mexican Gulf, affecting grain, bauxite and fertilizers, according to ship brokers. New US home sales plunged to a 17-year low in March. Single family- home sales slumped 8.5 percent in March to a 526,000 annual rate, the lowest since October 1991, 36.6 percent below the same period the previous year. The US Conference Board’s index of consumer sentiment fell to 62.3 in April, the lowest since March 2003, from a upwardly revised 65.9 in March. The euro rose on April 22 above $ 1.60 for the first time since its launch almost a decade ago before dropping back, after a survey showed that German corporate sentiment deteriorated more than expected. The Ifo German business climate index fell from 104.80 in March to 102.40 in April, its weakest level since January 2006 and well below forecasts for a reading of 104.3 China’s economy grew by 10.6 percent in the first quarter, compared with the first three months of 2007. Growth in the first quarter was down slightly compared with the final three months of 2007, when it stood at 11.7 percent, mainly due to the slowing pace of export growth and the impact of severe weather.

Daily Prices

April 2008

Copper
Date(Fix.) ($/MT)
Average 8684.93
30-04-2008 8655
29-04-2008 8740
28-04-2008 8746
25-04-2008 8600
24-04-2008 8700.5
23-04-2008 8796
22-04-2008 8770
21-04-2008 8641.5
18-04-2008 8630
17-04-2008 8861.5
16-04-2008 8736.5
15-04-2008 8720
14-04-2008 8679.5
11-04-2008 8810
10-04-2008 8884.5
09-04-2008 8650
08-04-2008 8682
07-04-2008 8740
04-04-2008 8645
03-04-2008 8591
02-04-2008 8464
01-04-2008 8325.5
Silver
Date(Fix.) ($/OZ)
Average 57.24
30-04-2008 16.47
29-04-2008 16.78
28-04-2008 16.94
25-04-2008 890.5
24-04-2008 17.09
23-04-2008 17.55
22-04-2008 17.56
21-04-2008 17.86
18-04-2008 18.55
17-04-2008 18.56
16-04-2008 18.07
15-04-2008 17.86
14-04-2008 17.45
11-04-2008 17.95
10-04-2008 18.32
09-04-2008 17.49
08-04-2008 18
07-04-2008 17.96
04-04-2008 17.45
03-04-2008 17.15
02-04-2008 16.89
01-04-2008 16.74
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
30-04-2008 -
29-04-2008 -
28-04-2008 -
25-04-2008 -
24-04-2008 -
23-04-2008 -
22-04-2008 -
21-04-2008 -
18-04-2008 -
17-04-2008 -
16-04-2008 -
15-04-2008 -
14-04-2008 -
11-04-2008 -
10-04-2008 -
09-04-2008 -
08-04-2008 -
07-04-2008 -
04-04-2008 -
03-04-2008 -
02-04-2008 -
01-04-2008 -
Date(Fix.) ($/OZ)
Average -
30-04-2008 -
29-04-2008 -
28-04-2008 -
25-04-2008 -
24-04-2008 -
23-04-2008 -
22-04-2008 -
21-04-2008 -
18-04-2008 -
17-04-2008 -
16-04-2008 -
15-04-2008 -
14-04-2008 -
11-04-2008 -
10-04-2008 -
09-04-2008 -
08-04-2008 -
07-04-2008 -
04-04-2008 -
03-04-2008 -
02-04-2008 -
01-04-2008 -
Date(Fix.) ($/OZ)
Average 912.02
30-04-2008 871
29-04-2008 880
28-04-2008 890.5
25-04-2008 891.5
24-04-2008 895.5
23-04-2008 898.5
22-04-2008 918
21-04-2008 918.5
18-04-2008 959.75
17-04-2008 946
16-04-2008 945
15-04-2008 929.75
14-04-2008 926.5
11-04-2008 927.75
10-04-2008 928
09-04-2008 917
08-04-2008 915
07-04-2008 926.5
04-04-2008 905.5
03-04-2008 896.5
02-04-2008 890
01-04-2008 887.75
Lead
Date(Fix.) ($/MT)
Average 2827.30
30-04-2008 2680.5
29-04-2008 2720
28-04-2008 2755
25-04-2008 2725
24-04-2008 2740.5
23-04-2008 2760
22-04-2008 2801
21-04-2008 2805
18-04-2008 2814.5
17-04-2008 2841
16-04-2008 2825
15-04-2008 2991
14-04-2008 2900
11-04-2008 2948
10-04-2008 2931
09-04-2008 2895
08-04-2008 2866
07-04-2008 2955
04-04-2008 2906
03-04-2008 2811
02-04-2008 2783
01-04-2008 2747
Zinc
Date(Fix.) ($/MT)
Average 2263.80
30-04-2008 2195.5
29-04-2008 2230.5
28-04-2008 2276
25-04-2008 2210.5
24-04-2008 2220
23-04-2008 2185
22-04-2008 2235
21-04-2008 2219.5
18-04-2008 2240.5
17-04-2008 2285.5
16-04-2008 2286
15-04-2008 2270.5
14-04-2008 2240
11-04-2008 2290
10-04-2008 2330.5
09-04-2008 2305.5
08-04-2008 2303
07-04-2008 2362.5
04-04-2008 2282
03-04-2008 2290.5
02-04-2008 2281
01-04-2008 2264
Tin
Date(Fix.) ($/MT)
Average 21658.64
30-04-2008 23600
29-04-2008 24005
28-04-2008 23900
25-04-2008 23860
24-04-2008 24155
23-04-2008 23485
22-04-2008 22200
21-04-2008 21905
18-04-2008 21675
17-04-2008 21790
16-04-2008 21475
15-04-2008 21080
14-04-2008 20900
11-04-2008 20705
10-04-2008 20900
09-04-2008 20525
08-04-2008 20350
07-04-2008 20450
04-04-2008 19950
03-04-2008 19780
02-04-2008 19825
01-04-2008 19975