Monthly Metal Review

Overview

Visible trends of an improvement in the US labor market have given confidence in the global recovery and pushed up equities, emerging market assets and higher-yielding currencies at the expense of core government bonds and the yen. While the US dollar remained weak through out the month of April.

Emerging market stocks climbed to their highest levels since June 2008, while the additional yield demanded to own emerging-market debt over US Treasuries declined to 255bp, according to JPMorgan’s EMBI+ index.

On the currency markets, the ECB expectations helped support the euro even as Portuguese government bond yields soared to records following a further sover-eign credit rating downgrade.

Gold and Silver prices finished strongly towards the end of April at respectively $1530 per ounce and $45 per ounce. Various Bid battles have been seen this month such as the Barick Gold and Equinox, following Minmet-als, Lundin, and Inmet. Some developments also testified to the fact that mining and processing industry has been getting more and more influenced by national interests of the countries and environmental concerns of local popu-lation.

The CEO of the Brazilian giant Vale has been replaced from his post by the instigation of the government. Poli-cy that has been led recently does not meet national re-quirement to invest more into local market and withhold from overseas acquisitions.

Recent project of merging two bourses SGX and ASX that could lead to the creation of the largest stock ex-change in the Asian region with capitalization of the involved companies reaching US $500 billion that over-takes its biggest present rival HGX valuing US $400 billion has been doomed. The government of Australia considers it menacing national interests of the country.

In Peru the strike of the farmers delays the implemen-tation of the project for Southern Copper Corp’s Tia Maria deposit exploration.

Nevertheless, the spike in prices for the commodities, as the E&Y report noted, has given impetus that "the number of players has mushroomed quite significantly and many are now jostling to get projects through feasibility and into production. Those that get into production first are more likely to capture the current price premiums, with the market likely to be very sensitive to future increases in supply.

Daily Prices

April 2011

Copper
Date(Fix.) ($/MT)
Average 9483.25
28-04-2011 9370.5
27-04-2011 9348.5
26-04-2011 9455.5
21-04-2011 9611
20-04-2011 9450.5
19-04-2011 9279
18-04-2011 9356.5
15-04-2011 9420
14-04-2011 9326.5
13-04-2011 9625.5
12-04-2011 9670.5
11-04-2011 9781.5
08-04-2011 9823
07-04-2011 9697
06-04-2011 9475.5
05-04-2011 9251.5
04-04-2011 9420
01-04-2011 9336
Silver
Date(Fix.) ($/OZ)
Average 41.97
28-04-2011 48.7
27-04-2011 45.3
26-04-2011 45.48
21-04-2011 46.26
20-04-2011 44.79
19-04-2011 43.22
18-04-2011 42.79
15-04-2011 42.61
14-04-2011 40.67
13-04-2011 40.22
12-04-2011 40.44
11-04-2011 41.37
08-04-2011 40.22
07-04-2011 39.51
06-04-2011 39.63
05-04-2011 38.08
04-04-2011 38.46
01-04-2011 37.63
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average -
28-04-2011 -
27-04-2011 -
26-04-2011 -
21-04-2011 -
20-04-2011 -
19-04-2011 -
18-04-2011 -
15-04-2011 -
14-04-2011 -
13-04-2011 -
12-04-2011 -
11-04-2011 -
08-04-2011 -
07-04-2011 -
06-04-2011 -
05-04-2011 -
04-04-2011 -
01-04-2011 -
Date(Fix.) ($/OZ)
Average -
28-04-2011 -
27-04-2011 -
26-04-2011 -
21-04-2011 -
20-04-2011 -
19-04-2011 -
18-04-2011 -
15-04-2011 -
14-04-2011 -
13-04-2011 -
12-04-2011 -
11-04-2011 -
08-04-2011 -
07-04-2011 -
06-04-2011 -
05-04-2011 -
04-04-2011 -
01-04-2011 -
Date(Fix.) ($/OZ)
Average 1473.81
28-04-2011 1535.5
27-04-2011 1511
26-04-2011 1497.5
21-04-2011 1504
20-04-2011 1501
19-04-2011 1490.5
18-04-2011 1493
15-04-2011 1476.75
14-04-2011 1465.75
13-04-2011 1457.5
12-04-2011 1450.5
11-04-2011 1468
08-04-2011 1469.5
07-04-2011 1459.5
06-04-2011 1461.5
05-04-2011 1433.5
04-04-2011 1435.5
01-04-2011 1418
Lead
Date(Fix.) ($/MT)
Average 2741.14
28-04-2011 2531
27-04-2011 2580
26-04-2011 2582.5
21-04-2011 2670
20-04-2011 2661
19-04-2011 2598
18-04-2011 2720
15-04-2011 2732
14-04-2011 2683
13-04-2011 2817.5
12-04-2011 2880
11-04-2011 2939
08-04-2011 2905
07-04-2011 2878
06-04-2011 2815
05-04-2011 2778
04-04-2011 2840
01-04-2011 2730.5
Zinc
Date(Fix.) ($/MT)
Average 2372.39
28-04-2011 2221.5
27-04-2011 2232.5
26-04-2011 2258
21-04-2011 2336.5
20-04-2011 2334
19-04-2011 2316
18-04-2011 2374
15-04-2011 2387
14-04-2011 2375
13-04-2011 2446
12-04-2011 2465.5
11-04-2011 2496
08-04-2011 2480
07-04-2011 2441
06-04-2011 2399
05-04-2011 2391.5
04-04-2011 2408.5
01-04-2011 2341
Tin
Date(Fix.) ($/MT)
Average 32460.56
28-04-2011 32275
27-04-2011 32195
26-04-2011 32450
21-04-2011 32675
20-04-2011 32825
19-04-2011 32600
18-04-2011 33000
15-04-2011 32900
14-04-2011 32350
13-04-2011 32650
12-04-2011 33000
11-04-2011 33255
08-04-2011 33005
07-04-2011 32625
06-04-2011 31930
05-04-2011 31500
04-04-2011 31700
01-04-2011 31355