Monthly Metal Review

Overview

Gold, silver and copper were 2013’s most price-battered metals, reported PricewaterhouseCoopers. The worst-performing was silver, with a 40-percent price plunge.

Falling commodity prices and mining cutbacks will bring lower supplies and higher prices in 2015 or 2016. Ramos, head of Latin American economics at Goldman, said marginal production costs are expected to rise and supply to suffer from less investment and fewer projects, The International Copper Study Group forecast global refined copper production up 3.9 percent in 2013 and 5.5 percent in 2014, bringing a market surplus of 387,000 and 632,000 tonnes.

The U.S. Federal Reserve announced a gradual reduction in its monthly bond-buying stimulus pro-gram. It strengthened plans to hold short-term interest rates near zero while high unemployment and low inflation persist, and beyond. Gold fell, but the an-nouncement lacked seismic market effects.

The U.S. economy grew at a 4.1-percent annual pace in quarter three, the strongest in two years. No-vember housing starts surged 22.7 percent whilst previ-ously-owned home sales slipped 4.3 percent on-month. Cars and trucks sold at a 16.3-million annual rate, the fastest since 2007. Durable-goods orders jumped 3.5 percent on-month. U.S. factory production climbed 0.6 percent in November and industrial output jumped a substantial 1.1 percent. Consumer prices were unchanged on-month, but rose on-year at an annualized 1.2 percent.

Former President Michelle Bachelet, a moderate socialist, won the Chilean presidency decisively and begins her four-year term in March. She promised social reforms, with a corporate-tax hike, but analysts expect no radical shifts.

BHP Billiton plans to slash spending from $22 billion to $15 billion. Rio Tinto said it would reduce capital spending from 2012’s $17 billion to less than $11billion in 2014 and $8 billion in 2015. It sliced more than $2 billion from 2013 operating costs and expects to cut another $3 billion in 2014.

China’s preliminary December flash Mar-kit/HSBC Purchasing Managers' Index (PMI) fell marginally to 50.5 from November's final reading of 50.8, above the 50 expansion mark for a fifth month. Growth in China's factory output and investment eased slightly in November, as retail sales expanded at the year’s strongest rate.
Anglo American left its 50-percent partnership in the Pebble Mine in Alaska, leaving Northern Dynasty with the proposed gold-copper project near Bristol Bay. Anglo expects a $0.3-billion impairment charge.

The UK economy is growing faster than esti-mated. The government said gross domestic product rose 0.8 percent July-to-September on-quarter. But underlying public-sector net debt rose to 76.6 percent of GDP. Bank of England Governor Mark Carney said the improved economy needs more-robust global recovery. BMW said it will hire 1,000 permanent employees for its four UK plants.

Daily Prices

December 2013

Copper
Date(Fix.) ($/MT)
Average 7202.95
31-12-2013 7394.5
30-12-2013 7387
27-12-2013 7375
24-12-2013 7280
23-12-2013 7251
20-12-2013 7264.5
19-12-2013 7218.5
18-12-2013 7230
17-12-2013 7286
16-12-2013 7325.5
13-12-2013 7218.5
12-12-2013 7230
11-12-2013 7169.5
10-12-2013 7165.5
09-12-2013 7141
06-12-2013 7113
05-12-2013 7081
04-12-2013 6975
03-12-2013 6945
02-12-2013 7008.5
Silver
Date(Fix.) ($/OZ)
Average 19.61
31-12-2013 19.5
30-12-2013 19.65
27-12-2013 19.92
24-12-2013 19.4
23-12-2013 19.37
20-12-2013 19.33
19-12-2013 19.34
18-12-2013 19.94
17-12-2013 20.02
16-12-2013 19.5
13-12-2013 19.55
12-12-2013 19.8
11-12-2013 20.39
10-12-2013 20.05
09-12-2013 19.5
06-12-2013 19.49
05-12-2013 19.46
04-12-2013 19.05
03-12-2013 19.17
02-12-2013 19.75
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1221.59
31-12-2013 1201.5
30-12-2013 1201.5
27-12-2013 1209.25
24-12-2013 1196.5
23-12-2013 1192.75
20-12-2013 1195
19-12-2013 1205.25
18-12-2013 1233.25
17-12-2013 1237.25
16-12-2013 1229.5
13-12-2013 1222.75
12-12-2013 1243.5
11-12-2013 1255.25
10-12-2013 1245.75
09-12-2013 1228.5
06-12-2013 1230.75
05-12-2013 1234
04-12-2013 1213
03-12-2013 1219
02-12-2013 1237.5
Date(Fix.) ($/OZ)
Average 1222.18
31-12-2013 1201.5
30-12-2013 1203
27-12-2013 1211.875
24-12-2013 1196.5
23-12-2013 1195.875
20-12-2013 1195.125
19-12-2013 1200.625
18-12-2013 1231.875
17-12-2013 1234.5
16-12-2013 1232.125
13-12-2013 1227.375
12-12-2013 1234.375
11-12-2013 1258
10-12-2013 1256
09-12-2013 1232.75
06-12-2013 1231.875
05-12-2013 1228.25
04-12-2013 1220.25
03-12-2013 1218.125
02-12-2013 1233.5
Date(Fix.) ($/OZ)
Average 1222.76
31-12-2013 1201.5
30-12-2013 1204.5
27-12-2013 1214.5
24-12-2013 1196.5
23-12-2013 1199
20-12-2013 1195.25
19-12-2013 1196
18-12-2013 1230.5
17-12-2013 1231.75
16-12-2013 1234.75
13-12-2013 1232
12-12-2013 1225.25
11-12-2013 1260.75
10-12-2013 1266.25
09-12-2013 1237
06-12-2013 1233
05-12-2013 1222.5
04-12-2013 1227.5
03-12-2013 1217.25
02-12-2013 1229.5
Lead
Date(Fix.) ($/MT)
Average 2133.00
31-12-2013 2206
30-12-2013 2240
27-12-2013 2259
24-12-2013 2223.5
23-12-2013 2195.5
20-12-2013 2169
19-12-2013 2137.5
18-12-2013 2131.5
17-12-2013 2150
16-12-2013 2151.5
13-12-2013 2115.5
12-12-2013 2114
11-12-2013 2114
10-12-2013 2103.5
09-12-2013 2085.5
06-12-2013 2067
05-12-2013 2074
04-12-2013 2047
03-12-2013 2035.5
02-12-2013 2040.5
Zinc
Date(Fix.) ($/MT)
Average 1974.20
31-12-2013 2085.5
30-12-2013 2105
27-12-2013 2116
24-12-2013 2077
23-12-2013 2072
20-12-2013 2022
19-12-2013 1976.5
18-12-2013 1995
17-12-2013 1989.5
16-12-2013 1992.5
13-12-2013 1959
12-12-2013 1952
11-12-2013 1952.5
10-12-2013 1938.5
09-12-2013 1911.5
06-12-2013 1882.5
05-12-2013 1883
04-12-2013 1861.5
03-12-2013 1857
02-12-2013 1855.5
Tin
Date(Fix.) ($/MT)
Average 22835.00
31-12-2013 22550
30-12-2013 22800
27-12-2013 23000
24-12-2013 22945
23-12-2013 22855
20-12-2013 22875
19-12-2013 22850
18-12-2013 22750
17-12-2013 22800
16-12-2013 22850
13-12-2013 22725
12-12-2013 22700
11-12-2013 22575
10-12-2013 23280
09-12-2013 23150
06-12-2013 23025
05-12-2013 23125
04-12-2013 22675
03-12-2013 22485
02-12-2013 22685
Nickel
Date(Fix.) ($/MT)
Average 13914.50
31-12-2013 13970
30-12-2013 14015
27-12-2013 14175
24-12-2013 14050
23-12-2013 14310
20-12-2013 14215
19-12-2013 14070
18-12-2013 14035
17-12-2013 13920
16-12-2013 14060
13-12-2013 13905
12-12-2013 14005
11-12-2013 13930
10-12-2013 14005
09-12-2013 13835
06-12-2013 13740
05-12-2013 13785
04-12-2013 13525
03-12-2013 13350
02-12-2013 13390
Cobalt
Date(Fix.) ($/MT)
Average 26932.50
31-12-2013 29500
30-12-2013 28000
27-12-2013 28500
24-12-2013 28000
23-12-2013 28000
20-12-2013 27000
19-12-2013 27000
18-12-2013 26500
17-12-2013 26500
16-12-2013 26700
13-12-2013 26600
12-12-2013 26600
11-12-2013 26600
10-12-2013 26700
09-12-2013 26300
06-12-2013 26250
05-12-2013 25500
04-12-2013 25400
03-12-2013 26500
02-12-2013 26500