Monthly Metal Review

Overview

In times of macroeconomic uncertainties in Western industrialized countries, Reuters con-ducted a survey among several metals analysts asking about their market opinion for the up-coming year. The "consensus" view is that all six LME metals will most likely have a higher annual average price in 2013 and 2014 compared to last year. Tin is forecast to be the breakout star with 13 percent expected price growth. Copper will lag at projected 2 percent.

After months of negotiations, the U.S. Securities and Exchange Commission has approved the placement of physical copper stored in warehouses for the backing of exchange-traded funds (ETF). Several industry players argue that the ETFs will have a negative effect by removing significant quantities of copper from the market. The creation of shortages is very likely to drive prices up and increase the volatility of the metal, they say.

Estimates show that about 200,000 tons of copper could be used for the backing of these newly-created funds. LME stocks are now standing at 320,000 tons. The appetite from investors around the world for these financial products will be closely watched by all actors in the physical copper market during the upcoming months.

India, the world's largest gold importer, has begun using a "carrot and stick" policy in an effort to reduce the country's huge gold imports. The country imports between 750-1,000 tonnes/year of the most precious of metals, which has contributed to a growing national account deficit. "The stick" is an import duty on gold and plati-num bars, now 6%, up from 4%. The 'carrots' involve various measures designed to make more use of the gold already in India, estimated between 18-25,000 tons.

The Bank of Japan agreed to double its infla-tion target to 2 percent and ease monetary policy. The government approved a $116-billion stimulus that includes infrastructure spending and in-vestment incentives.

China manufacturing rose in December for a third month. The official purchasing managers' index (PMI) was 50.6, holding steady from No-vember. Numbers above 50 indicate expansion. China reported GDP up in 2012 by 7.8 percent, under 2011's 9.3 growth.

Claims for U.S. jobless benefits dropped to a five-year low in late January. The U.S. economy added 155,000 jobs in December whilst unem-ployment remained at 7.8 percent. Strife in Washington remains a danger to economic well-being in the States. While the market anticipated a 1% economic growth in the U.S. for the last quarter of 2012, the country’s Gross Domestic Product actually dropped by 0.1% over that pe-riod. It is the first decline in the American GDP since 2009.

Daily Prices

January 2013

Copper
Date(Fix.) ($/MT)
Average 8049.27
31-01-2013 8170
30-01-2013 8175.5
29-01-2013 8010.5
28-01-2013 8015
25-01-2013 8060
24-01-2013 8036
23-01-2013 8115.5
22-01-2013 8068
21-01-2013 8020.5
18-01-2013 8053
17-01-2013 7930
16-01-2013 7910.5
15-01-2013 7945
14-01-2013 8030
11-01-2013 8071
10-01-2013 8117
09-01-2013 8059
08-01-2013 8050.5
07-01-2013 7995.5
04-01-2013 8026
03-01-2013 8140.5
02-01-2013 8085
Silver
Date(Fix.) ($/OZ)
Average 31.11
31-01-2013 32.03
30-01-2013 31.35
29-01-2013 31.06
28-01-2013 30.87
25-01-2013 31.56
24-01-2013 31.85
23-01-2013 32.23
22-01-2013 31.94
21-01-2013 31.9
18-01-2013 31.82
17-01-2013 31.5
16-01-2013 31.23
15-01-2013 31.19
14-01-2013 30.76
11-01-2013 30.67
10-01-2013 30.49
09-01-2013 30.39
08-01-2013 30.39
07-01-2013 30.14
04-01-2013 29.32
03-01-2013 30.91
02-01-2013 30.87
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1671.89
31-01-2013 1674.5
30-01-2013 1666.25
29-01-2013 1660.5
28-01-2013 1656.75
25-01-2013 1670.25
24-01-2013 1677
23-01-2013 1692.25
22-01-2013 1692.5
21-01-2013 1688
18-01-2013 1690
17-01-2013 1683.25
16-01-2013 1679.75
15-01-2013 1681
14-01-2013 1667.75
11-01-2013 1669.5
10-01-2013 1663
09-01-2013 1663.5
08-01-2013 1653.75
07-01-2013 1653.75
04-01-2013 1632.25
03-01-2013 1684.5
02-01-2013 1681.5
Date(Fix.) ($/OZ)
Average 1671.42
31-01-2013 1669.625
30-01-2013 1671.875
29-01-2013 1662
28-01-2013 1656.625
25-01-2013 1665.125
24-01-2013 1674
23-01-2013 1691.25
22-01-2013 1691.5
21-01-2013 1687.75
18-01-2013 1689.25
17-01-2013 1679.125
16-01-2013 1678
15-01-2013 1680.75
14-01-2013 1667.125
11-01-2013 1663.5
10-01-2013 1669
09-01-2013 1660.625
08-01-2013 1654.875
07-01-2013 1649.5
04-01-2013 1640.125
03-01-2013 1682
02-01-2013 1687.625
Date(Fix.) ($/OZ)
Average 1670.95
31-01-2013 1664.75
30-01-2013 1677.5
29-01-2013 1663.5
28-01-2013 1656.5
25-01-2013 1660
24-01-2013 1671
23-01-2013 1690.25
22-01-2013 1690.5
21-01-2013 1687.5
18-01-2013 1688.5
17-01-2013 1675
16-01-2013 1676.25
15-01-2013 1680.5
14-01-2013 1666.5
11-01-2013 1657.5
10-01-2013 1675
09-01-2013 1657.75
08-01-2013 1656
07-01-2013 1645.25
04-01-2013 1648
03-01-2013 1679.5
02-01-2013 1693.75
Lead
Date(Fix.) ($/MT)
Average 2340.27
31-01-2013 2438
30-01-2013 2438.5
29-01-2013 2378
28-01-2013 2367
25-01-2013 2399.5
24-01-2013 2369
23-01-2013 2372.5
22-01-2013 2315.5
21-01-2013 2296
18-01-2013 2320
17-01-2013 2270
16-01-2013 2254.5
15-01-2013 2257.5
14-01-2013 2305
11-01-2013 2323
10-01-2013 2332
09-01-2013 2323.5
08-01-2013 2297
07-01-2013 2289
04-01-2013 2343
03-01-2013 2412.5
02-01-2013 2385
Zinc
Date(Fix.) ($/MT)
Average 2033.16
31-01-2013 2139
30-01-2013 2119
29-01-2013 2059
28-01-2013 2070.5
25-01-2013 2081.5
24-01-2013 2057
23-01-2013 2066.5
22-01-2013 2026.5
21-01-2013 2018.5
18-01-2013 2028.5
17-01-2013 1973.5
16-01-2013 1942
15-01-2013 1955
14-01-2013 1996
11-01-2013 2010.5
10-01-2013 2018.5
09-01-2013 2003.5
08-01-2013 1977
07-01-2013 1985
04-01-2013 2023.5
03-01-2013 2092
02-01-2013 2087
Tin
Date(Fix.) ($/MT)
Average 24659.32
31-01-2013 25100
30-01-2013 25070
29-01-2013 24480
28-01-2013 24500
25-01-2013 24710
24-01-2013 24450
23-01-2013 24850
22-01-2013 24975
21-01-2013 25025
18-01-2013 25085
17-01-2013 25200
16-01-2013 24895
15-01-2013 24785
14-01-2013 25100
11-01-2013 24700
10-01-2013 24875
09-01-2013 24450
08-01-2013 24010
07-01-2013 23745
04-01-2013 24000
03-01-2013 24150
02-01-2013 24350
Nickel
Date(Fix.) ($/MT)
Average 17464.77
31-01-2013 18375
30-01-2013 18205
29-01-2013 17625
28-01-2013 17410
25-01-2013 17265
24-01-2013 17300
23-01-2013 17485
22-01-2013 17375
21-01-2013 17380
18-01-2013 17630
17-01-2013 17385
16-01-2013 17285
15-01-2013 17190
14-01-2013 17360
11-01-2013 17325
10-01-2013 17540
09-01-2013 17440
08-01-2013 17145
07-01-2013 17215
04-01-2013 17325
03-01-2013 17540
02-01-2013 17425
Cobalt
Date(Fix.) ($/MT)
Average 24997.73
31-01-2013 27000
30-01-2013 27000
29-01-2013 27000
28-01-2013 27000
25-01-2013 27000
24-01-2013 2700
23-01-2013 26500
22-01-2013 27000
21-01-2013 25500
18-01-2013 26000
17-01-2013 25500
16-01-2013 25500
15-01-2013 25750
14-01-2013 26000
11-01-2013 26000
10-01-2013 25500
09-01-2013 25500
08-01-2013 25500
07-01-2013 25500
04-01-2013 25500
03-01-2013 25500
02-01-2013 25500