Monthly Metal Review

Overview

Many of the world’s topflight miners saw shakeups at the top this month as companies adjusted to a tighter economic and operating cli-mate.

The new CEOs of the major companies are likely to have more modest ambitions in an era of stringent capital management and an emphasis on shareholder returns.

Goldberg said Newmont will consider only its most promising opportunities to come. The fate of its Conga copper-gold project in Peru, currently on hold, is to be decided this year.

Mining according to some seems to be facing a capital strike, indicating at a 25-percent yearly drop in funds raised in 2012. Mining and metals firms raised $249 billion in 2012, down from $340 billion in 2011 thanks to a sharp drop in proceeds from bank loans and IPOs. Banks lent miners and metals companies $106 billion in 2012, down 43 percent from 2011.

In the last week of February zinc producers and buyers gathered in Cancun for the International Zinc Conference. They agreed on the new benchmark for treatment charges and escalators for 2013, as further detailed in our Zinc section.

In other economic news, U.S. housing figures dipped but remained strong. Starts fell 8.5 percent in January to a seasonally adjusted annual rate of 890,000, missing forecasts of a 3.1 percent fall. December's figures were revised upward to a rate of 973,000 new homes started. Compared with a year ago, new home construction was up 23.6 percent. Housing starts have significant impact on US materials imports, including copper. China said its services sector had grown for a fourth straight month in January, although the slim gain signaled any recovery was modest. The European Commission predicted the Eurozone economy will shrink by 0.3 percent in 2013 but said it expects a rebound near the end of the year. Credit-ratings agency Moody's cut the UK from AAA to AA1.

A White House plan to fix aging U.S. infra-structure would invest $50 billion in transporta-tion, with $40 billion of that for highways, bridges, airports and transit systems. The plan includes initiatives involving work that capitalises on private investment and minimises a need for Congressional approval. There are some 70,000 structurally deficient bridges.

In London, Lloyds TSB reported that house-hold spending power in Britain has declined 1.4 percent since last year, with gas and electricity taking more of the average household budget.

The latest Eurozone PMI fell to 47.3 in February, down from January's 48.6. Numbers below 50 signify contraction. The February finding was the lowest for two months and indicated a German-French divergence, with output going up in Germany but declining in France.

Daily Prices

February 2013

Copper
Date(Fix.) ($/MT)
Average 8070.48
28-02-2013 7828
27-02-2013 7831
26-02-2013 7785
25-02-2013 7865.5
22-02-2013 7825
21-02-2013 7847.5
20-02-2013 8009.5
19-02-2013 8070
18-02-2013 8075.5
15-02-2013 8198.5
14-02-2013 8197
13-02-2013 8221
12-02-2013 8184.5
11-02-2013 8216
08-02-2013 8215
07-02-2013 8212
06-02-2013 8200
05-02-2013 8242.5
04-02-2013 8226
01-02-2013 8160
Silver
Date(Fix.) ($/OZ)
Average 30.33
28-02-2013 28.95
27-02-2013 29.07
26-02-2013 28.75
25-02-2013 29.17
22-02-2013 28.79
21-02-2013 28.72
20-02-2013 29.11
19-02-2013 30
18-02-2013 30
15-02-2013 30.18
14-02-2013 30.88
13-02-2013 31.04
12-02-2013 30.84
11-02-2013 31.16
08-02-2013 31.52
07-02-2013 31.75
06-02-2013 31.7
05-02-2013 32.01
04-02-2013 31.5
01-02-2013 31.43
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1630.69
28-02-2013 1591
27-02-2013 1608.5
26-02-2013 1597.25
25-02-2013 1592.5
22-02-2013 1580
21-02-2013 1568.5
20-02-2013 1602
19-02-2013 1613.5
18-02-2013 1611.25
15-02-2013 1629.25
14-02-2013 1644
13-02-2013 1648
12-02-2013 1641.75
11-02-2013 1663.5
08-02-2013 1669.75
07-02-2013 1675.75
06-02-2013 1670
05-02-2013 1678
04-02-2013 1664.25
01-02-2013 1665
Date(Fix.) ($/OZ)
Average 1629.14
28-02-2013 1589.75
27-02-2013 1606.375
26-02-2013 1593.875
25-02-2013 1589.375
22-02-2013 1578.25
21-02-2013 1572.75
20-02-2013 1595.25
19-02-2013 1610.625
18-02-2013 1611
15-02-2013 1620.75
14-02-2013 1645
13-02-2013 1646.5
12-02-2013 1644.625
11-02-2013 1657.75
08-02-2013 1669
07-02-2013 1671.875
06-02-2013 1672.125
05-02-2013 1675.75
04-02-2013 1665.125
01-02-2013 1667
Date(Fix.) ($/OZ)
Average 1627.59
28-02-2013 1588.5
27-02-2013 1604.25
26-02-2013 1590.5
25-02-2013 1586.25
22-02-2013 1576.5
21-02-2013 1577
20-02-2013 1588.5
19-02-2013 1607.75
18-02-2013 1610.75
15-02-2013 1612.25
14-02-2013 1646
13-02-2013 1645
12-02-2013 1647.5
11-02-2013 1652
08-02-2013 1668.25
07-02-2013 1668
06-02-2013 1674.25
05-02-2013 1673.5
04-02-2013 1666
01-02-2013 1669
Lead
Date(Fix.) ($/MT)
Average 2376.20
28-02-2013 2287.5
27-02-2013 2311
26-02-2013 2280
25-02-2013 2306.5
22-02-2013 2321
21-02-2013 2315
20-02-2013 2364
19-02-2013 2374
18-02-2013 2395.5
15-02-2013 2404
14-02-2013 2401
13-02-2013 2423
12-02-2013 2375.5
11-02-2013 2409
08-02-2013 2409
07-02-2013 2406.5
06-02-2013 2424.5
05-02-2013 2448
04-02-2013 2443
01-02-2013 2426
Zinc
Date(Fix.) ($/MT)
Average 2129.28
28-02-2013 2065.5
27-02-2013 2084
26-02-2013 2072
25-02-2013 2083
22-02-2013 2085
21-02-2013 2086.5
20-02-2013 2136.5
19-02-2013 2122
18-02-2013 2133
15-02-2013 2168
14-02-2013 2165
13-02-2013 2187.5
12-02-2013 2164.5
11-02-2013 2186
08-02-2013 2157.5
07-02-2013 2137
06-02-2013 2136.5
05-02-2013 2145
04-02-2013 2141
01-02-2013 2130
Tin
Date(Fix.) ($/MT)
Average 24326.25
28-02-2013 23535
27-02-2013 23625
26-02-2013 23175
25-02-2013 23305
22-02-2013 23295
21-02-2013 23150
20-02-2013 23900
19-02-2013 23925
18-02-2013 24700
15-02-2013 24925
14-02-2013 24780
13-02-2013 24905
12-02-2013 24925
11-02-2013 25000
08-02-2013 24875
07-02-2013 24955
06-02-2013 24850
05-02-2013 24945
04-02-2013 24945
01-02-2013 24810
Nickel
Date(Fix.) ($/MT)
Average 17733.75
28-02-2013 16660
27-02-2013 16710
26-02-2013 16525
25-02-2013 16710
22-02-2013 16745
21-02-2013 16775
20-02-2013 17200
19-02-2013 17585
18-02-2013 17935
15-02-2013 18250
14-02-2013 18290
13-02-2013 18280
12-02-2013 18285
11-02-2013 18250
08-02-2013 18220
07-02-2013 18220
06-02-2013 18490
05-02-2013 18565
04-02-2013 18600
01-02-2013 18380
Cobalt
Date(Fix.) ($/MT)
Average 25515.00
28-02-2013 25400
27-02-2013 25400
26-02-2013 25400
25-02-2013 25500
22-02-2013 25500
21-02-2013 25400
20-02-2013 25500
19-02-2013 25400
18-02-2013 25400
15-02-2013 25400
14-02-2013 25500
13-02-2013 25500
12-02-2013 25500
11-02-2013 26000
08-02-2013 25750
07-02-2013 25750
06-02-2013 25500
05-02-2013 26000
04-02-2013 25500
01-02-2013 25000