Monthly Metal Review

Overview

Geneva-based Transamine Trading celebrated its 60th anniversary during LME week in London. Transamine is the world's oldest independent and privately held commodities trading company specializing in non-ferrous raw materials. The firm evolved from a modest, Paris-based trading house in 1953 into today’s modern, dynamic company with global reach in all aspects of non-ferrous raw-materials, production, and trade.

China dashed expectations that the London Metal Exchange would soon have warehouses in Shanghai’s free-trade zone. Beijing officials upheld a ban on overseas commodity-exchange warehouses. China’s Securities and Regulatory Commission was reportedly concerned about impact on the Shanghai Futures Exchange. LME CEO Garry Jones said, before Beijing’s denial became news, that opening metal warehousing facilities in China is some way off.

The Financial Conduct Authority (FCA), the UK’s financial monitor, said officials were visiting European commodity warehouses, preparing for new EU market-abuse rules. They are designed to prevent fraud, with increased cooperation between financial and commodity regulators. The LME consulted with the FCA on its own warehousing policy following wait-time and cost complaints. Alcoa urged regulators to intervene. An LME warehousing-reform decision has reportedly been made, but was not immediately released.

The U.S. avoided financial default when Congressional Democrats and moderate Republicans voted to reopen the partially-shut federal government and raise America’s $16.7-trillion debt limit to pay its bills. But the deal that reopened government lasts only until January 15 and debt-limit authorization ends February 7. Tea-Party Republicans who sparked the crisis have not ruled out more conflict. Standard & Poor’s estimated the 16-day October shutdown and fiscal scare cut 0.6 percent from inflation-adjusted GDP, equivalent to $24 billion.

Shutdown fallout is likely to delay Federal Reserve stimulus reduction. Policy makers could drop monthly asset buying from $85 billion to $70 billion at a March meeting.

The U.S. added a modest 148,000 jobs in September. But the unemployment rate fell to 7.2 percent, from 7.3. Construction companies added 20,000 jobs. September home sales fell 1.9 percent to an annual rate of 5.29 million units.

China’s economy expanded in the third quarter at a faster 7.8-percent pace on-year, up from 7.5-percent second-quarter growth. Investment in fixed assets accounted for 56 percent of growth. September passenger-car sales reached nearly 1.6 million. China exports fell 0.3 percent on-year in September, but imports surged 7.4 percent on-year. Copper imports rocketed 18 percent to 457,847 tonnes, an 18-month high. Bonded-warehouse stocks dropped more than 60 percent since January’s 1-million-tonne high. Third-quarter copper imports leapt 21.4 percent over the previous quarter to 1.26 million tonnes.

Spain emerged from recession in the third quarter, burdened with a 26-percent jobless rate and dependent on the export sales that pulled it from recession. In the UK, third-quarter economic output rose by 0.8 percent whilst the construction sector expanded 2.5 percent.

UK car production rose an annual 9.9 percent in September on-month to 140,888 units, pushing output for the first nine months to 1.13 million; up 4 percent on-year. EU-wide, monthly car sales rose the most in more than two years. September registrations jumped 5.5 percent.

Eurozone consumer price inflation slowed to 1.1 percent in September, down from 1.3 percent on-month. Industrial production rose by 1 percent in August, led by Portugal’s 8.2-percent production growth. Germany was up 1.8 percent and France grew 0.2 percent. Italy fell 0.3 percent.

Daily Prices

October 2013

Copper
Date(Fix.) ($/MT)
Average 7188.74
31-10-2013 7234
30-10-2013 7275.5
29-10-2013 7215.5
28-10-2013 7161
25-10-2013 7126
24-10-2013 7160
23-10-2013 7200.5
22-10-2013 7260
21-10-2013 7225.5
18-10-2013 7241.5
17-10-2013 7172
16-10-2013 7158.5
15-10-2013 7186
14-10-2013 7205.5
11-10-2013 7125
10-10-2013 7112.5
09-10-2013 7141
08-10-2013 7231.5
07-10-2013 7171
04-10-2013 7148
03-10-2013 7215.5
02-10-2013 7156
01-10-2013 7219
Silver
Date(Fix.) ($/OZ)
Average 21.92
31-10-2013 22.2
30-10-2013 22.74
29-10-2013 22.31
28-10-2013 22.54
25-10-2013 22.35
24-10-2013 22.67
23-10-2013 22.53
22-10-2013 22.06
21-10-2013 22.09
18-10-2013 21.87
17-10-2013 21.72
16-10-2013 21.32
15-10-2013 20.49
14-10-2013 21.52
11-10-2013 21.52
10-10-2013 21.93
09-10-2013 22.1
08-10-2013 22.3
07-10-2013 21.77
04-10-2013 21.65
03-10-2013 21.57
02-10-2013 21.14
01-10-2013 21.7
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1314.40
31-10-2013 1333.75
30-10-2013 1349.5
29-10-2013 1346.75
28-10-2013 1351
25-10-2013 1341.75
24-10-2013 1336.25
23-10-2013 1333
22-10-2013 1311.75
21-10-2013 1316
18-10-2013 1317
17-10-2013 1308.5
16-10-2013 1278.25
15-10-2013 1255.5
14-10-2013 1276
11-10-2013 1285.75
10-10-2013 1298
09-10-2013 1309.5
08-10-2013 1321
07-10-2013 1311
04-10-2013 1316
03-10-2013 1309
02-10-2013 1293.75
01-10-2013 1332.25
Date(Fix.) ($/OZ)
Average 1315.29
31-10-2013 1328.875
30-10-2013 1352.125
29-10-2013 1348
28-10-2013 1356
25-10-2013 1344.75
24-10-2013 1340.5
23-10-2013 1332.125
22-10-2013 1322.375
21-10-2013 1316.75
18-10-2013 1316.75
17-10-2013 1313.875
16-10-2013 1275.875
15-10-2013 1263
14-10-2013 1280.75
11-10-2013 1275.625
10-10-2013 1298.25
09-10-2013 1306.75
08-10-2013 1325.25
07-10-2013 1317.25
04-10-2013 1312.875
03-10-2013 1312.5
02-10-2013 1300
01-10-2013 1311.5
Date(Fix.) ($/OZ)
Average 1316.18
31-10-2013 1324
30-10-2013 1354.75
29-10-2013 1349.25
28-10-2013 1361
25-10-2013 1347.75
24-10-2013 1344.75
23-10-2013 1331.25
22-10-2013 1333
21-10-2013 1317.5
18-10-2013 1316.5
17-10-2013 1319.25
16-10-2013 1273.5
15-10-2013 1270.5
14-10-2013 1285.5
11-10-2013 1265.5
10-10-2013 1298.5
09-10-2013 1304
08-10-2013 1329.5
07-10-2013 1323.5
04-10-2013 1309.75
03-10-2013 1316
02-10-2013 1306.25
01-10-2013 1290.75
Lead
Date(Fix.) ($/MT)
Average 2111.46
31-10-2013 2170
30-10-2013 2186.5
29-10-2013 2195
28-10-2013 2183
25-10-2013 2149
24-10-2013 2141
23-10-2013 2159
22-10-2013 2183
21-10-2013 2157.5
18-10-2013 2158.5
17-10-2013 2128
16-10-2013 2103.5
15-10-2013 2113
14-10-2013 2102
11-10-2013 2073
10-10-2013 2054
09-10-2013 2061
08-10-2013 2056
07-10-2013 2028
04-10-2013 2027
03-10-2013 2048
02-10-2013 2035
01-10-2013 2052.5
Zinc
Date(Fix.) ($/MT)
Average 1882.83
31-10-2013 1925.5
30-10-2013 1937.5
29-10-2013 1939
28-10-2013 1923
25-10-2013 1894.5
24-10-2013 1895.5
23-10-2013 1914.5
22-10-2013 1930
21-10-2013 1907
18-10-2013 1908
17-10-2013 1886
16-10-2013 1859
15-10-2013 1887
14-10-2013 1884
11-10-2013 1873
10-10-2013 1852.5
09-10-2013 1858
08-10-2013 1850
07-10-2013 1829
04-10-2013 1831
03-10-2013 1840.5
02-10-2013 1828
01-10-2013 1852.5
Tin
Date(Fix.) ($/MT)
Average 23128.26
31-10-2013 22995
30-10-2013 23200
29-10-2013 23225
28-10-2013 23210
25-10-2013 22825
24-10-2013 22845
23-10-2013 22905
22-10-2013 23395
21-10-2013 22905
18-10-2013 22760
17-10-2013 22905
16-10-2013 22950
15-10-2013 23100
14-10-2013 23380
11-10-2013 23325
10-10-2013 23395
09-10-2013 23500
08-10-2013 23720
07-10-2013 23675
04-10-2013 22975
03-10-2013 22850
02-10-2013 22710
01-10-2013 23200
Nickel
Date(Fix.) ($/MT)
Average 14069.78
31-10-2013 14515
30-10-2013 14555
29-10-2013 14520
28-10-2013 14460
25-10-2013 14385
24-10-2013 14425
23-10-2013 14580
22-10-2013 14635
21-10-2013 14295
18-10-2013 14170
17-10-2013 13970
16-10-2013 13840
15-10-2013 13895
14-10-2013 13910
11-10-2013 13730
10-10-2013 13720
09-10-2013 13760
08-10-2013 13835
07-10-2013 13840
04-10-2013 13560
03-10-2013 13635
02-10-2013 13630
01-10-2013 13740
Cobalt
Date(Fix.) ($/MT)
Average 27173.91
31-10-2013 26900
30-10-2013 26600
29-10-2013 27100
28-10-2013 27100
25-10-2013 27050
24-10-2013 27250
23-10-2013 27200
22-10-2013 27400
21-10-2013 27300
18-10-2013 27750
17-10-2013 27500
16-10-2013 27150
15-10-2013 27500
14-10-2013 27500
11-10-2013 27500
10-10-2013 27200
09-10-2013 27300
08-10-2013 27250
07-10-2013 27050
04-10-2013 27000
03-10-2013 27000
02-10-2013 26700
01-10-2013 26700