Monthly Metal Review

Overview

The World Bank forecasts the global economy to expand 3.2 percent in 2014. The richest-nations forecast rose from 2.0 to 2.2-percent growth, whilst developing-market expectations fell from a 5.6-percent rise to 5.3.

Eurozone manufacturing grew in December at the fastest rate since 2011, mostly on business in Germany and Italy. Markit’s Eurozone Manufacturing Purchasing Managers Index (PMI) rose from No-vember’s 51.6 to 52.7 in December; the best in 31 months. The weak French manufacturing base could slow recovery.

China’s economic expansion slowed mildly in fourth-quarter 2013 with 7.7-percent growth, down from the third quarter’s 7.8 percent. Full-year growth was also 7.7 percent. The manufacturing sector sof-tened in January, with a Markit/HBSC Purchasing Managers’ Index falling to 49.6 from December’s 50.5.

Indonesia's export of metal ore and concen-trate stopped, despite Jakarta’s softening of its January-12 ban on unprocessed-ore exports.

The Democratic Republic of Congo post-poned a ban on cobalt-and copper-concentrate ex-ports until 2015. Congo lacks electricity for processing, the mines minister said. Companies must pay $100-per-tonne tax on concentrate exports.

China’s 2013 auto sales surged 14 percent as China became the first nation in which domestic yearly car deliveries topped 20-million units. China’s Automobile Manufacturers Association projected 2014 vehicle sales of 23.7 to 24.2 million. European new-car sales jumped 13 percent in December. Discounts helped recovery from full-year sales that were the lowest since 1995. U.S. automakers reported their best year since 2007, with deliveries up 7.6 percent to 15.6 million.

The U.S. added 74,000 jobs in December, the fewest since 2011, whilst unemployment fell 0.3 points to 6.7 percent. Construction jobs were off 16,000; blamed largely on harsh winter weather, as were job-growth figures. Still, mining gained 5,000 jobs and manufacturing employment rose for a fifth month. Housing starts were slightly ahead of esti-mates.

Growth in 2014 is expected to top 3 percent, a gain from 1.7 percent expected for 2013. At odds with official figures, payroll processor ADP found the private sector ending 2013 upbeat, adding 238,000 new jobs.

Rents at London Metal Exchange-monitored warehouses will rise in April by an average of 3 per-cent, the LME announced. It said rents, weighted by size of stocks, avoid last year’s 7-percent increase.

LME metals trading rose 7.1 percent on-year in 2013, with a record 171.1-million lots traded. The volume was equivalent to 4.0-billion tonnes.

Europe’s Airbus Group delivered 626 new aircraft to customers in 2013. U.S. rival America’s Boeing delivered 648. Airbus has orders for 1,619 planes, double the company’s expectations. Boeing has 1,355 2013 orders.

International Monetary Fund chief Christine Lagarde warned that deflation in advanced economies could derail global recovery. Deflation, with stubbornly-low prices, occurs when the inflation rate drops below 0 percent. Euro-area inflation was at 0.8 percent in December.

Daily Prices

January 2014

Copper
Date(Fix.) ($/MT)
Average 7294.89
31-01-2014 7091
30-01-2014 7155
29-01-2014 7209
28-01-2014 7215
27-01-2014 7235
24-01-2014 7240
23-01-2014 7285
22-01-2014 7327
21-01-2014 7332
20-01-2014 7340
17-01-2014 7379.5
16-01-2014 7345.5
15-01-2014 7309
14-01-2014 7343
13-01-2014 7305.5
10-01-2014 7283.5
09-01-2014 7282
08-01-2014 7368
07-01-2014 7354
06-01-2014 7313.5
03-01-2014 7335.5
02-01-2014 7439.5
Silver
Date(Fix.) ($/OZ)
Average 19.91
31-01-2014 19.31
30-01-2014 19.41
29-01-2014 19.68
28-01-2014 19.72
27-01-2014 19.83
24-01-2014 20.19
23-01-2014 20.11
22-01-2014 19.87
21-01-2014 20.03
20-01-2014 20.29
17-01-2014 20.01
16-01-2014 20
15-01-2014 20.09
14-01-2014 20.27
13-01-2014 20.09
10-01-2014 19.8
09-01-2014 19.54
08-01-2014 19.52
07-01-2014 20.02
06-01-2014 20.04
03-01-2014 20.18
02-01-2014 19.94
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1243.07
31-01-2014 1246.5
30-01-2014 1254
29-01-2014 1254.75
28-01-2014 1253.5
27-01-2014 1270
24-01-2014 1259.25
23-01-2014 1244.25
22-01-2014 1239.5
21-01-2014 1247.75
20-01-2014 1254.75
17-01-2014 1241
16-01-2014 1237.25
15-01-2014 1238
14-01-2014 1248.75
13-01-2014 1246
10-01-2014 1232.25
09-01-2014 1226
08-01-2014 1226.5
07-01-2014 1237.5
06-01-2014 1238
03-01-2014 1232.25
02-01-2014 1219.75
Date(Fix.) ($/OZ)
Average 1243.93
31-01-2014 1248.75
30-01-2014 1248.25
29-01-2014 1259.375
28-01-2014 1252.375
27-01-2014 1265.25
24-01-2014 1263.125
23-01-2014 1253.625
22-01-2014 1240.25
21-01-2014 1242.875
20-01-2014 1255.25
17-01-2014 1245.5
16-01-2014 1239.375
15-01-2014 1237
14-01-2014 1250.125
13-01-2014 1247
10-01-2014 1238.25
09-01-2014 1226
08-01-2014 1223.75
07-01-2014 1232.5
06-01-2014 1242.125
03-01-2014 1233.375
02-01-2014 1222.375
Date(Fix.) ($/OZ)
Average 1244.80
31-01-2014 1251
30-01-2014 1242.5
29-01-2014 1264
28-01-2014 1251.25
27-01-2014 1260.5
24-01-2014 1267
23-01-2014 1263
22-01-2014 1241
21-01-2014 1238
20-01-2014 1255.75
17-01-2014 1250
16-01-2014 1241.5
15-01-2014 1236
14-01-2014 1251.5
13-01-2014 1248
10-01-2014 1244.25
09-01-2014 1226
08-01-2014 1221
07-01-2014 1227.5
06-01-2014 1246.25
03-01-2014 1234.5
02-01-2014 1225
Lead
Date(Fix.) ($/MT)
Average 2148.89
31-01-2014 2091.5
30-01-2014 2116
29-01-2014 2143
28-01-2014 2127
27-01-2014 2136
24-01-2014 2145.5
23-01-2014 2155
22-01-2014 2182
21-01-2014 2176.5
20-01-2014 2187.5
17-01-2014 2175.5
16-01-2014 2198.5
15-01-2014 2151
14-01-2014 2181.5
13-01-2014 2119
10-01-2014 2097
09-01-2014 2093
08-01-2014 2127
07-01-2014 2157
06-01-2014 2136
03-01-2014 2168
02-01-2014 2212
Zinc
Date(Fix.) ($/MT)
Average 2038.41
31-01-2014 1965.5
30-01-2014 1963.5
29-01-2014 2001
28-01-2014 1997.5
27-01-2014 2008
24-01-2014 2019
23-01-2014 2051
22-01-2014 2075
21-01-2014 2069.5
20-01-2014 2075.5
17-01-2014 2067.5
16-01-2014 2082
15-01-2014 2054.5
14-01-2014 2097
13-01-2014 2035.5
10-01-2014 2020
09-01-2014 2014.5
08-01-2014 2046
07-01-2014 2050.5
06-01-2014 2025.5
03-01-2014 2044.5
02-01-2014 2082
Tin
Date(Fix.) ($/MT)
Average 22071.59
31-01-2014 21925
30-01-2014 22305
29-01-2014 22145
28-01-2014 22105
27-01-2014 22000
24-01-2014 22125
23-01-2014 22175
22-01-2014 22240
21-01-2014 22150
20-01-2014 22290
17-01-2014 22400
16-01-2014 22425
15-01-2014 22100
14-01-2014 22245
13-01-2014 21905
10-01-2014 21850
09-01-2014 21825
08-01-2014 22075
07-01-2014 21720
06-01-2014 21500
03-01-2014 21580
02-01-2014 22490
Nickel
Date(Fix.) ($/MT)
Average 14079.32
31-01-2014 13700
30-01-2014 13860
29-01-2014 14095
28-01-2014 14080
27-01-2014 14260
24-01-2014 14555
23-01-2014 14635
22-01-2014 14645
21-01-2014 14565
20-01-2014 14435
17-01-2014 14595
16-01-2014 14495
15-01-2014 14245
14-01-2014 14285
13-01-2014 13980
10-01-2014 13680
09-01-2014 13365
08-01-2014 13445
07-01-2014 13480
06-01-2014 13570
03-01-2014 13870
02-01-2014 13905
Cobalt
Date(Fix.) ($/MT)
Average 28818.18
31-01-2014 31000
30-01-2014 29800
29-01-2014 29000
28-01-2014 28500
27-01-2014 29000
24-01-2014 28000
23-01-2014 29200
22-01-2014 29200
21-01-2014 29000
20-01-2014 28300
17-01-2014 28200
16-01-2014 28300
15-01-2014 27900
14-01-2014 27700
13-01-2014 28000
10-01-2014 27300
09-01-2014 27800
08-01-2014 28000
07-01-2014 29800
06-01-2014 30000
03-01-2014 30000
02-01-2014 30000