Monthly Metal Review

Overview

China manufacturing slowed mildly for a third month, falling from a 48.5-measure in February to 48.1 in HSBC’s’ initial March purchasing managers’ index (PMI). Copper and other metals fell after Beijing allowed its first domestic corporate-bond default. February exports dropped 18.1 percent on-year, blamed on the lunar holiday. Industrial output slowed to 8.6-percent growth on-year for January and Febru-ary, from December’s 9.7. Property sales fell 3.7 per-cent on-year, down from an overheated 26.3-percent growth. February copper imports fell 30 percent from January. Still, China’s 2014 growth goal remains 7.5 percent.

Freeport-McMoRan executive Javier Targhetta said China’s copper consumption will grow for more than a decade. Targhetta said he expects brisk China import volumes even if GDP growth slows as copper is needed in mature and emerging economies.

Hong Kong Exchanges and Clearing CEO Charles Li said London Metal Exchange trading fees are likely to rise in 2015. Li spoke after HKEx reported a lower-than-expected 11-percent rise in annual earnings, as a recovery in stock-trading volumes last year was offset by increased LME expenses.

U.S. Federal Reserve Chair Janet Yellen said the Fed will likely end its already-shrinking bond-buying program this fall, and could begin raising interest rates six months later. The benchmark rate is close to zero, and analysts predicted it will rise to at least 1 percent at the end of 2015 and 2.25 percent a year later.

The UK’s Institute of Chartered Accountants forecast a 3.3-percent 2014 economy rise. February UK auto sales grew 3 percent on-year, continuing a two-year trend. The government expects export growth of 2.6 percent this year.

French manufacturing-sector growth surged in March, rising in Markit’s early PMI to 51.9 from 49.7. Overall French business activity grew at its fastest in 2.5 years.

In Germany, the Bundesbank forecast a first-quarter economic-expansion boost, citing a mild late-winter and an upward trend in industrial contracts. But it said second-quarter slowing may follow.

Eurozone inflation slid in February to its lowest since October. The on-year inflation rate was 0.7 percent, against January’s 0.8 percent. The central bank expects inflation to rise to 1 percent this year and 1.5 in 2016.

Beijing is moving from a hyper-growth, export-driven industrial economy to a more-balanced, market-determined economy driven by domestic consumption and services with 7- to 8-percent annual growth, said Yale economist Stephen Roach, Morgan Stanley’s former Asia Chairman.

A mining and resources bill approved by South Africa’s National Assembly would give the government a 20-percent stake in new oil, gas, and production ventures. The Mineral and Petroleum Resources Development Amendment Act still faced legislative hurdles and changes, and needs the signa-ture of President Jacob Zuma. International tensions from Russia’s Crimea annexation and its political standoff with western-backed Ukraine initially roiled markets and helped safety-haven gold. Economic sanctions chafed against some impacted businesses but, analysts said, could be largely metals-neutral. Russian-metals buyers are watching closely.

Daily Prices

March 2014

Copper
Date(Fix.) ($/MT)
Average 6667.83
31-03-2014 6636
28-03-2014 6667
27-03-2014 6581
26-03-2014 6555
25-03-2014 6559.5
24-03-2014 6510
21-03-2014 6539.5
20-03-2014 6434.5
19-03-2014 6446
18-03-2014 6471.5
17-03-2014 6550
14-03-2014 6490
13-03-2014 6495
12-03-2014 6498
11-03-2014 6720.5
10-03-2014 6716
07-03-2014 6930.5
06-03-2014 7054.5
05-03-2014 7102.5
04-03-2014 7035
03-03-2014 7032.5
Silver
Date(Fix.) ($/OZ)
Average 20.74
31-03-2014 19.97
28-03-2014 19.71
27-03-2014 19.68
26-03-2014 20.03
25-03-2014 20
24-03-2014 20.2
21-03-2014 20.55
20-03-2014 20.17
19-03-2014 20.75
18-03-2014 20.94
17-03-2014 21.22
14-03-2014 21.36
13-03-2014 21.24
12-03-2014 20.97
11-03-2014 21.25
10-03-2014 20.99
07-03-2014 21.38
06-03-2014 21.11
05-03-2014 21.32
04-03-2014 21.15
03-03-2014 21.46
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1336.56
31-03-2014 1294
28-03-2014 1295.75
27-03-2014 1295
26-03-2014 1314.5
25-03-2014 1314.75
24-03-2014 1322
21-03-2014 1338.5
20-03-2014 1327
19-03-2014 1346
18-03-2014 1362.5
17-03-2014 1379
14-03-2014 1370
13-03-2014 1371
12-03-2014 1355.75
11-03-2014 1348
10-03-2014 1334.25
07-03-2014 1348.25
06-03-2014 1334.25
05-03-2014 1333.5
04-03-2014 1339.5
03-03-2014 1344.25
Date(Fix.) ($/OZ)
Average 1336.32
31-03-2014 1292.875
28-03-2014 1295.25
27-03-2014 1295.5
26-03-2014 1309.25
25-03-2014 1314.125
24-03-2014 1316.375
21-03-2014 1337.25
20-03-2014 1327
19-03-2014 1342
18-03-2014 1359.125
17-03-2014 1378.75
14-03-2014 1377.5
13-03-2014 1369.875
12-03-2014 1360.875
11-03-2014 1347.125
10-03-2014 1339.125
07-03-2014 1341.75
06-03-2014 1339.75
05-03-2014 1335.25
04-03-2014 1337.125
03-03-2014 1346.875
Date(Fix.) ($/OZ)
Average 1336.08
31-03-2014 1291.75
28-03-2014 1294.75
27-03-2014 1296
26-03-2014 1304
25-03-2014 1313.5
24-03-2014 1310.75
21-03-2014 1336
20-03-2014 1327
19-03-2014 1338
18-03-2014 1355.75
17-03-2014 1378.5
14-03-2014 1385
13-03-2014 1368.75
12-03-2014 1366
11-03-2014 1346.25
10-03-2014 1344
07-03-2014 1335.25
06-03-2014 1345.25
05-03-2014 1337
04-03-2014 1334.75
03-03-2014 1349.5
Lead
Date(Fix.) ($/MT)
Average 2056.36
31-03-2014 2041
28-03-2014 2058
27-03-2014 2043.5
26-03-2014 2065
25-03-2014 2059
24-03-2014 2049.5
21-03-2014 2061
20-03-2014 2046
19-03-2014 2035.5
18-03-2014 2027
17-03-2014 2035.5
14-03-2014 2018
13-03-2014 2008
12-03-2014 2022
11-03-2014 2079
10-03-2014 2039
07-03-2014 2084.5
06-03-2014 2105
05-03-2014 2123.5
04-03-2014 2102.5
03-03-2014 2081
Zinc
Date(Fix.) ($/MT)
Average 2014.40
31-03-2014 1981
28-03-2014 1981
27-03-2014 1966
26-03-2014 1981
25-03-2014 1967
24-03-2014 1942
21-03-2014 1952.5
20-03-2014 1957
19-03-2014 1957.5
18-03-2014 1952.5
17-03-2014 1971
14-03-2014 1991
13-03-2014 1993
12-03-2014 2015
11-03-2014 2071
10-03-2014 2047
07-03-2014 2094.5
06-03-2014 2118
05-03-2014 2155.5
04-03-2014 2114
03-03-2014 2095
Tin
Date(Fix.) ($/MT)
Average 23098.33
31-03-2014 23025
28-03-2014 23050
27-03-2014 23050
26-03-2014 23275
25-03-2014 23230
24-03-2014 22960
21-03-2014 23000
20-03-2014 23125
19-03-2014 23225
18-03-2014 23125
17-03-2014 22900
14-03-2014 23095
13-03-2014 22780
12-03-2014 22970
11-03-2014 23255
10-03-2014 22855
07-03-2014 23135
06-03-2014 23305
05-03-2014 23350
04-03-2014 23225
03-03-2014 23130
Nickel
Date(Fix.) ($/MT)
Average 15659.76
31-03-2014 15735
28-03-2014 15770
27-03-2014 15670
26-03-2014 15960
25-03-2014 16225
24-03-2014 16135
21-03-2014 15990
20-03-2014 15910
19-03-2014 16115
18-03-2014 16075
17-03-2014 15865
14-03-2014 15805
13-03-2014 15730
12-03-2014 15670
11-03-2014 15635
10-03-2014 15135
07-03-2014 15330
06-03-2014 15455
05-03-2014 15305
04-03-2014 14830
03-03-2014 14510
Cobalt
Date(Fix.) ($/MT)
Average 30885.71
31-03-2014 31000
28-03-2014 30500
27-03-2014 30500
26-03-2014 30500
25-03-2014 31000
24-03-2014 31000
21-03-2014 31000
20-03-2014 31000
19-03-2014 31500
18-03-2014 30000
17-03-2014 29100
14-03-2014 31000
13-03-2014 31000
12-03-2014 30400
11-03-2014 31000
10-03-2014 31100
07-03-2014 31200
06-03-2014 31500
05-03-2014 31500
04-03-2014 31100
03-03-2014 31700