Monthly Metal Review
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
China reported its best economic data since several months. Factory output rose 10.1 percent on year in November, up from 9.6 percent in October. Retail sales surged 14.9 percent in November on year. The Q3 growth rate was 7.4 percent. Inflation ticked to 3 percent in November from 2.7. HSBC's Purchasing Managers' Index in China rose to its highest levels since May 2011. This neat improvement in the Chinese market sentiment drove copper prices up on the last days of the year.
Following a several-weeks long suspense, the U.S Senate finally voted President Obama's new tax bill. The commodities market welcomed this news very positively, since it puts an end to the "Fiscal Cliff" threats in the U.S for another few months.
Furthermore, The U.S. Federal Reserve will keep interest rates near zero until that country's unem-ployment rate drops below 6.5 percent. Fed chief Ben Bernanke added $45 billion to its monthly $40-billion quantitative-easing purchase of mortgage-backed securities. The U.S. economy grew in Q3 at an unex-pected 3.1 percent annual rate and unemployment fell to a four-year low in November to 7.7 percent.
Japan entered its fifth recession in 15 years, with exports to China down 14.5 per cent in November.
In other recession news, European Central Bank President Mario Draghi said the Eurozone economy should recover in 2013, following an expected 0.5 percent contraction in 2012. Greece bought back $42.4 billion of discounted debt from banks and investors, clearing the way for more aid financed by a $13-billion creditors' loan.
Germany's central bank predicted 0.4 percent eco-nomic growth in 2013, while its June forecast hoped for 1.6 percent. German investor confidence, meas-ured by the Centre for European Economic Research, jumped from November's minus -15.7 to +6.9.
Standard & Poor's revised Britain's AAA credit rating, from stable to negative. Chancellor George Osborne said the government will miss debt-reduction targets and the UK Office for Budget Responsibility cut its 2013 growth forecast from 1.2 percent to 0.1. Osborne announced more austerity measures and said corporate taxes would drop an extra percent by April 2014; from 24 to 21 percent. Austerity is to last until 2018, one year longer than previously proposed.
NYSE Euronext, owner of the New York Stock Exchange, agreed to be sold to the Intercontinental Exchange (ICE) for $8.2 billion. Atlanta-based ICE specializes in trading commodities like energy prod-ucts. Analysts said it especially wanted NYSE Eu-ronext's OTC derivatives-trading business, including Liffe, the European derivatives exchange.
Delivery of court orders to the Registrar of Com-panies for England and Wales completed purchase of the London Metal Exchange (LME) by Hong Kong Exchanges and Clearing (HKEx). LME CEO Martin Abbott and Chairman Sir Brian Bender remain as directors of LME Holdings. HKEx CEO Charles Li, Chow Chung Kong, Romnesh Lamba, and Charles Li join the board of LME Holdings. Ten directors have resigned. HKEx said it would establish a data hub in Shanghai in third quarter 2013, creating a live market feed for information vendors in Mainland China.