Monthly Metal Review

Overview

    Equity markets around the world moved higher with many large indices rising to fresh highs as the Federal Reserve’s signaled that US interest rates would remain close to zero for longer and the Bank of Japan said it would take further steps to boost credit growth. Meanwhile, India’s central bank announced a surprise 25-basis point increase in its key policy rates, the first rise in nearly two years, in a bid to contain inflation. Brazil is believed poised to raise rates fairly soon. Conversely, the Russian central bank cut its two important interest rates by 25 basis points to 8.25% and 7.25% in order to boost fading growth. Likewise, South Africa trimmed its benchmark interest rate by 50 basis points to 6.5%, its lowest in 12 years, as a firm rand has helped reduce inflationary pressures and indirectly, boost employment.
    In Europe, an emergency European / IMF loan pack-age has eventually been approved for Greece, spurring the euro to bounce vigorously off 10-month lows versus the dollar. The loans would probably be made in case the current measures the Greeks are undertaking fail to work.
    Despite concerns about a difficult and sluggish re-covery following the global financial crisis, global indus-trial production has actually bounced back very quickly. The 12-month rate of change in the OECD+6 lead indica-tor (for China, India, Brazil, Russia, Indonesia and South Africa) points to an annual growth of 12.7% in industrial output in the coming months, albeit from a low base. In Europe, services and manufacturing industries grew at their fastest pace since 2007, while in Germany, a business confidence index rose from 51.9 to 54.7. Moreover, the latest set of the International Lead and Zinc Study Group data shows that the recovery is becoming more broad-based outside of China, with the US recording its third consecutive month of year-on-year increases in consumption, and European consumption turning positive in January for the first time since June 2008. Consumption in the rest of Asia, as well as in Oceania, also recorded solid growth. Eventually, the inventory cycle has been the dominant factor driving the recovery thus far in the world ex-China, with production and inventory levels likely to be calibrated to the current level of sales in many industries by mid 2010. Besides, the evidence points towards the next few months being supportive, particularly in line with the usual seasonal restocking cycle.
    In China, the outlook for many end use markets con-tinue to look very robust, with car and appliance pro-duction both booming. Residential construction, however, does look more vulnerable and the rate of growth is likely to ease in the second half of the year given the slowdown in real estate activity seen thus far. China’s Premier Wen Jiabao has said that the country is seeking to grow money supply by around 17% in 2010. Wen also stressed that money supply growth will be sufficient to meet capital demands for its target economic growth of 8 %. Most of the lending that has been advanced is still being held by provincial authorities, and disbursement of these funds should continue to provide a stimulus to growth in the coming months.

Daily Prices

March 2010

Copper
Date(Fix.) ($/MT)
Average 7462.83
31-03-2010 7830
30-03-2010 7786
29-03-2010 7635
26-03-2010 7490.5
25-03-2010 7347
24-03-2010 7310.5
23-03-2010 7404.5
22-03-2010 7300.5
19-03-2010 7461
18-03-2010 7476
17-03-2010 7488
16-03-2010 7341.5
15-03-2010 7330
12-03-2010 7470
11-03-2010 7384.5
10-03-2010 7524
09-03-2010 7395
08-03-2010 7541.5
05-03-2010 7466.5
04-03-2010 7485.5
03-03-2010 7483.5
02-03-2010 7359
01-03-2010 7335
Silver
Date(Fix.) ($/OZ)
Average 17.11
31-03-2010 17.5
30-03-2010 17.41
29-03-2010 17.15
26-03-2010 16.85
25-03-2010 16.79
24-03-2010 16.68
23-03-2010 16.78
22-03-2010 16.78
19-03-2010 17.31
18-03-2010 17.49
17-03-2010 17.54
16-03-2010 17.24
15-03-2010 17.02
12-03-2010 17.31
11-03-2010 16.91
10-03-2010 17.47
09-03-2010 17.05
08-03-2010 17.33
05-03-2010 17.25
04-03-2010 17.34
03-03-2010 17.17
02-03-2010 16.57
01-03-2010 16.5
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
31-03-2010 -
30-03-2010 -
29-03-2010 -
26-03-2010 -
25-03-2010 -
24-03-2010 -
23-03-2010 -
22-03-2010 -
19-03-2010 -
18-03-2010 -
17-03-2010 -
16-03-2010 -
15-03-2010 -
12-03-2010 -
11-03-2010 -
10-03-2010 -
09-03-2010 -
08-03-2010 -
05-03-2010 -
04-03-2010 -
03-03-2010 -
02-03-2010 -
01-03-2010 -
Date(Fix.) ($/OZ)
Average -
31-03-2010 -
30-03-2010 -
29-03-2010 -
26-03-2010 -
25-03-2010 -
24-03-2010 -
23-03-2010 -
22-03-2010 -
19-03-2010 -
18-03-2010 -
17-03-2010 -
16-03-2010 -
15-03-2010 -
12-03-2010 -
11-03-2010 -
10-03-2010 -
09-03-2010 -
08-03-2010 -
05-03-2010 -
04-03-2010 -
03-03-2010 -
02-03-2010 -
01-03-2010 -
Date(Fix.) ($/OZ)
Average 1113.34
31-03-2010 1115.5
30-03-2010 1107
29-03-2010 1107.5
26-03-2010 1096.5
25-03-2010 1093
24-03-2010 1090.75
23-03-2010 1101.5
22-03-2010 1097.25
19-03-2010 1105.5
18-03-2010 1122.75
17-03-2010 1121.75
16-03-2010 1124.75
15-03-2010 1104.25
12-03-2010 1106.25
11-03-2010 1104
10-03-2010 1120.5
09-03-2010 1115.75
08-03-2010 1125.75
05-03-2010 1135
04-03-2010 1134.5
03-03-2010 1136.5
02-03-2010 1126.5
01-03-2010 1114
Lead
Date(Fix.) ($/MT)
Average 2172.09
31-03-2010 2120
30-03-2010 2137
29-03-2010 2153
26-03-2010 2090
25-03-2010 2025.5
24-03-2010 2001
23-03-2010 2136
22-03-2010 2140
19-03-2010 2210.5
18-03-2010 2222.5
17-03-2010 2245
16-03-2010 2194.5
15-03-2010 2185
12-03-2010 2251
11-03-2010 2241
10-03-2010 2282.5
09-03-2010 2206
08-03-2010 2240.5
05-03-2010 2178
04-03-2010 2196.5
03-03-2010 2201
02-03-2010 2150
01-03-2010 2151.5
Zinc
Date(Fix.) ($/MT)
Average 2275.07
31-03-2010 2360
30-03-2010 2327.5
29-03-2010 2277
26-03-2010 2240
25-03-2010 2215
24-03-2010 2182.5
23-03-2010 2236
22-03-2010 2217.5
19-03-2010 2287.5
18-03-2010 2298
17-03-2010 2316
16-03-2010 2278
15-03-2010 2254
12-03-2010 2330
11-03-2010 2307
10-03-2010 2362.5
09-03-2010 2318.5
08-03-2010 2350
05-03-2010 2257
04-03-2010 2290
03-03-2010 2247.5
02-03-2010 2197
01-03-2010 2178
Tin
Date(Fix.) ($/MT)
Average 17549.35
31-03-2010 18355
30-03-2010 18325
29-03-2010 17800
26-03-2010 17630
25-03-2010 17500
24-03-2010 17250
23-03-2010 17550
22-03-2010 17625
19-03-2010 17675
18-03-2010 17695
17-03-2010 17555
16-03-2010 17510
15-03-2010 17500
12-03-2010 17550
11-03-2010 17430
10-03-2010 17650
09-03-2010 17250
08-03-2010 17550
05-03-2010 17425
04-03-2010 17555
03-03-2010 17200
02-03-2010 16975
01-03-2010 17080