Monthly Metal Review

Overview

The outlook for the global economy has declined rapidly in the past few weeks increasing expectations of a protracted and severe downturn. Consequently, worldwide governments have started to cut interest rates and to launch stimulus packages aimed at spurring economic recovery. But these will take time to feed through into the real economy. However, in late November, global equity markets rebounded strongly as investors applauded the US government’s rescue plan for Citigroup. In the US, Democratic Senator Barack Obama has been elected the first black president of the United States. The US automotive industry is in crisis and unemployment is on the rise. US sales of light vehicles have been declining all year and in October dropped by 31.9% year on year. In China, industrial production growth slowed dramatically in October to 8.2% year on year while during the first ten months, IP was up by 14.4%. Shrinking export markets mean that Chinese manufacturers are likely to face further declines in coming months. However, the stimulus package revealed earlier this month by the Chinese Government is aimed at boosting domestic demand to counteract the global slowdown. The government has announced spending of 4 trillion yuan ($586 billion) through to 2010 focusing on housing and infrastructure development, social welfare and tax reform. The Euro Zone entered recession in Q3 2008, propelled by the decline in German GDP and widespread weakness across member countries. German economic output fell by 0.5% in Q3 from Q2 and the Euro Zone declined by 0.2%. Consumer confidence has collapsed to its lowest level since January 1994 and retail sales are continuing on a downward trend as the threat of rising unemployment takes hold. However in the UK, Prime Minister Gordon Brown announced a stimulus package, to total more than £15 billion, which includes lowering the VAT from 17.5% to 15%. It also plans to impose a new 45% income-tax rate on incomes above £150,000. Furthermore, the UK's central bank cut Britain's base interest rate by a record 1.5 percentage points to 3 percent, while the ECB followed with a half a point cut to 3.25 percent. The US government rode to the rescue of Citigroup, entering an agreement to guarantee up to $306 billion in problematic assets and inject $20 billion in capital to restore confidence.

Daily Prices

November 2008

Copper
Date(Fix.) ($/MT)
Average 3717.00
28-11-2008 3581
27-11-2008 3665
26-11-2008 3742
25-11-2008 3565.5
24-11-2008 3715.5
21-11-2008 3470.5
20-11-2008 3430.5
19-11-2008 3565
18-11-2008 3511
17-11-2008 3580.5
14-11-2008 3722
13-11-2008 3591
12-11-2008 3592
11-11-2008 3690.5
10-11-2008 4005
07-11-2008 3761
06-11-2008 3890
05-11-2008 4071
04-11-2008 4231
03-11-2008 3960
Silver
Date(Fix.) ($/OZ)
Average 9.87
28-11-2008 10.12
27-11-2008 10.26
26-11-2008 10.3
25-11-2008 10.33
24-11-2008 10.04
21-11-2008 9.17
20-11-2008 9.39
19-11-2008 9.4
18-11-2008 9.38
17-11-2008 9.5
14-11-2008 9.33
13-11-2008 9.365
12-11-2008 9.65
11-11-2008 9.94
10-11-2008 10.31
07-11-2008 10.13
06-11-2008 10.41
05-11-2008 10.28
04-11-2008 9.95
03-11-2008 10.05
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
28-11-2008 -
27-11-2008 -
26-11-2008 -
25-11-2008 -
24-11-2008 -
21-11-2008 -
20-11-2008 -
19-11-2008 -
18-11-2008 -
17-11-2008 -
14-11-2008 -
13-11-2008 -
12-11-2008 -
11-11-2008 -
10-11-2008 -
07-11-2008 -
06-11-2008 -
05-11-2008 -
04-11-2008 -
03-11-2008 -
Date(Fix.) ($/OZ)
Average -
28-11-2008 -
27-11-2008 -
26-11-2008 -
25-11-2008 -
24-11-2008 -
21-11-2008 -
20-11-2008 -
19-11-2008 -
18-11-2008 -
17-11-2008 -
14-11-2008 -
13-11-2008 -
12-11-2008 -
11-11-2008 -
10-11-2008 -
07-11-2008 -
06-11-2008 -
05-11-2008 -
04-11-2008 -
03-11-2008 -
Date(Fix.) ($/OZ)
Average 760.86
28-11-2008 814.5
27-11-2008 814
26-11-2008 812.5
25-11-2008 820.5
24-11-2008 822.5
21-11-2008 774.5
20-11-2008 738
19-11-2008 762
18-11-2008 738
17-11-2008 734
14-11-2008 747.5
13-11-2008 713.5
12-11-2008 724.75
11-11-2008 733.75
10-11-2008 753
07-11-2008 735.25
06-11-2008 754.5
05-11-2008 753.75
04-11-2008 741.25
03-11-2008 729.5
Lead
Date(Fix.) ($/MT)
Average 1291.10
28-11-2008 1080
27-11-2008 1086
26-11-2008 1176
25-11-2008 1186
24-11-2008 1189
21-11-2008 1217
20-11-2008 1171
19-11-2008 1240
18-11-2008 1245
17-11-2008 1258
14-11-2008 1349
13-11-2008 1302
12-11-2008 1257
11-11-2008 1285
10-11-2008 1411
07-11-2008 1446
06-11-2008 1470
05-11-2008 1478
04-11-2008 1521
03-11-2008 1455
Zinc
Date(Fix.) ($/MT)
Average 1152.60
28-11-2008 1185
27-11-2008 1213.5
26-11-2008 1274.5
25-11-2008 1210.5
24-11-2008 1208
21-11-2008 1204.5
20-11-2008 1131
19-11-2008 1163.5
18-11-2008 1148.5
17-11-2008 1120.5
14-11-2008 1199
13-11-2008 1146
12-11-2008 1095.5
11-11-2008 1080.5
10-11-2008 1107.5
07-11-2008 1080
06-11-2008 1102.5
05-11-2008 1145.5
04-11-2008 1135.5
03-11-2008 1100.5
Tin
Date(Fix.) ($/MT)
Average 13643.50
28-11-2008 12310
27-11-2008 12700
26-11-2008 13105
25-11-2008 13000
24-11-2008 11955
21-11-2008 11900
20-11-2008 11500
19-11-2008 12255
18-11-2008 12900
17-11-2008 13900
14-11-2008 14370
13-11-2008 14150
12-11-2008 14125
11-11-2008 14700
10-11-2008 15450
07-11-2008 15100
06-11-2008 15100
05-11-2008 15100
04-11-2008 15250
03-11-2008 14000