Monthly Metal Review

Overview

A UK court rejected London Metal Exchange plans to unscramble withdrawal logjams at its global warehouse network. Ruling on a Rusal lawsuit, a judge said the LME decision was unfair and unlawful as it did not adequately explore other options before deciding on load-in/load-out rates. The exchange was seeking legal advice and will continue other reforms.

In another hit to Northern Dynasty’s Pebble Mine southwest-Alaska copper-gold project, Rio Tinto will give Northern Dynasty shares, its 19-percent stake in the controversial project, to the Alaska Community Foundation and the Bristol Bay Native Corporation Education Foundation. The Native Corporation head is a strong Pebble opponent. Anglo American walked away from its $541-million Pebble investment in September.

Chinese companies led by MMG bought Glen-core Xstrata’s interest in Peru’s Las Bambas copper mine for $5.8 billion. Buyers are MMG, an arm of China Minmetals, Guoxin International Investment, and Citic Metal. They will pay 2014 capex and costs until closing, probably in the third quarter. China’s copper imports surged 31.4 percent on-year to 420,000 tonnes in March.

China’s economy grew 7.4 percent on-year in first-quarter, down from 7.7 percent on-quarter but better than expected. Industrial output rose 8.8 percent in March on-year whilst retail sales jumped by 12.2 percent. A mini-stimulus announced in April will extend tax breaks for small-and-medium-sized com-panies and boost railway-infrastructure spending. April manufacturing activity contracted for a fourth monthl, the flash Markit/HSBC PMI of 48.3 indicated. But the reading was better than March’s 48. Exports fell by 6.6 percent on-year in March, in part on weak commodity prices. Imports dropped 11.3 percent on-year. Automakers sold 1.71 million passenger vehicles in March, up 7.9 percent on-year.

UK car production jumped 12 percent on-year in March to more than 142,000 units. It was helped by European demand.

The unemployment rate had dropped to a five-year, 6.9-percent low in February, down from 7.2 percent in the quarter through January. Wage growth sped to 1.7 percent.

The UK Markit/CIPS Construction Purchasing Managers' Index ticked to a healthy 62.5 in March, next to February’s 62.6 and far above the 50 growth mark.

Germany's private sector expanded faster in April, from a slight March growth slowdown as manufacturing and service-industry activity rose. Markit's preliminary composite Purchasing Managers' Index (PMI) rose to 56.3 in April from March's 54.3. April's was the 12th straight month above 50.

The number of Americans filing for unem-ployment-insurance payments in mid-April, 304,000, hovered near the lowest level in almost seven years.

But sales of new U.S. homes were at their lowest in eight months during a cold March; down 14.5 percent to an adjusted 384,000-unit rate. Still, new-home sales are just 10 percent of transactions. Previously-owned-home sales fell 0.2 percent on-month to a better-than-expected annual rate 4.59 million. Groundbreaking for single-family homes rose 6.0 percent to a 635,000-unit pace.

Output at U.S. factories, mines and utilities rose 0.7 percent in March. Despite higher mortgage rates and house prices, applications for new home purchases increased 15 percent on-month.

Daily Prices

April 2014

Copper
Date(Fix.) ($/MT)
Average 6670.83
30-04-2014 6724
29-04-2014 6770
28-04-2014 6782
25-04-2014 6785.5
24-04-2014 6731
23-04-2014 6645
22-04-2014 6628.5
17-04-2014 6631
16-04-2014 6600
15-04-2014 6630
14-04-2014 6645
11-04-2014 6686
10-04-2014 6637.5
09-04-2014 6630.5
08-04-2014 6652
07-04-2014 6610.5
04-04-2014 6677
03-04-2014 6606
02-04-2014 6713
01-04-2014 6632
Silver
Date(Fix.) ($/OZ)
Average 19.71
30-04-2014 19.28
29-04-2014 19.33
28-04-2014 19.6
25-04-2014 19.66
24-04-2014 19.06
23-04-2014 19.46
22-04-2014 19.51
17-04-2014 19.62
16-04-2014 19.6
15-04-2014 19.77
14-04-2014 19.74
11-04-2014 20.09
10-04-2014 20.24
09-04-2014 19.89
08-04-2014 20.15
07-04-2014 19.81
04-04-2014 19.93
03-04-2014 19.83
02-04-2014 19.82
01-04-2014 19.8
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1299.18
30-04-2014 1292
29-04-2014 1289.75
28-04-2014 1302
25-04-2014 1294.25
24-04-2014 1283.5
23-04-2014 1283.5
22-04-2014 1290.75
17-04-2014 1299.25
16-04-2014 1299
15-04-2014 1311.5
14-04-2014 1324.5
11-04-2014 1317.25
10-04-2014 1321.5
09-04-2014 1309.75
08-04-2014 1314.75
07-04-2014 1299
04-04-2014 1293.5
03-04-2014 1287.25
02-04-2014 1284
01-04-2014 1286.5
Date(Fix.) ($/OZ)
Average 1299.09
30-04-2014 1290.25
29-04-2014 1293.75
28-04-2014 1300.5
25-04-2014 1297.75
24-04-2014 1287.5
23-04-2014 1284.375
22-04-2014 1288.75
17-04-2014 1299.125
16-04-2014 1300.25
15-04-2014 1304.75
14-04-2014 1325.125
11-04-2014 1317.625
10-04-2014 1321
09-04-2014 1305.75
08-04-2014 1312.125
07-04-2014 1299
04-04-2014 1295.375
03-04-2014 1285.625
02-04-2014 1288
01-04-2014 1285.125
Date(Fix.) ($/OZ)
Average 1299.00
30-04-2014 1288.5
29-04-2014 1297.75
28-04-2014 1299
25-04-2014 1301.25
24-04-2014 1291.5
23-04-2014 1285.25
22-04-2014 1286.75
17-04-2014 1299
16-04-2014 1301.5
15-04-2014 1298
14-04-2014 1325.75
11-04-2014 1318
10-04-2014 1320.5
09-04-2014 1301.75
08-04-2014 1309.5
07-04-2014 1299
04-04-2014 1297.25
03-04-2014 1284
02-04-2014 1292
01-04-2014 1283.75
Lead
Date(Fix.) ($/MT)
Average 2085.95
30-04-2014 2088.5
29-04-2014 2095
28-04-2014 2125
25-04-2014 2143
24-04-2014 2147.5
23-04-2014 2141.5
22-04-2014 2133
17-04-2014 2121
16-04-2014 2110
15-04-2014 2090.5
14-04-2014 2075
11-04-2014 2104.5
10-04-2014 2087.5
09-04-2014 2070.5
08-04-2014 2040.5
07-04-2014 2022
04-04-2014 2046
03-04-2014 2016
02-04-2014 2036
01-04-2014 2026
Zinc
Date(Fix.) ($/MT)
Average 2030.60
30-04-2014 2054.5
29-04-2014 2052
28-04-2014 2061.5
25-04-2014 2062
24-04-2014 2072.5
23-04-2014 2068
22-04-2014 2067.5
17-04-2014 2057.5
16-04-2014 2056.5
15-04-2014 2037
14-04-2014 2032.5
11-04-2014 2037
10-04-2014 2033.5
09-04-2014 2023.5
08-04-2014 2001
07-04-2014 1986
04-04-2014 1998.5
03-04-2014 1965
02-04-2014 1984
01-04-2014 1962
Tin
Date(Fix.) ($/MT)
Average 23421.75
30-04-2014 23175
29-04-2014 23590
28-04-2014 23800
25-04-2014 23815
24-04-2014 23905
23-04-2014 23725
22-04-2014 23675
17-04-2014 23320
16-04-2014 23500
15-04-2014 23475
14-04-2014 23495
11-04-2014 23585
10-04-2014 23375
09-04-2014 23350
08-04-2014 23205
07-04-2014 23125
04-04-2014 23185
03-04-2014 23100
02-04-2014 23125
01-04-2014 22910
Nickel
Date(Fix.) ($/MT)
Average 17375.00
30-04-2014 18200
29-04-2014 18230
28-04-2014 18550
25-04-2014 18465
24-04-2014 18430
23-04-2014 18120
22-04-2014 18230
17-04-2014 17985
16-04-2014 17880
15-04-2014 17280
14-04-2014 17735
11-04-2014 17395
10-04-2014 17050
09-04-2014 16500
08-04-2014 16410
07-04-2014 16470
04-04-2014 16515
03-04-2014 16145
02-04-2014 16130
01-04-2014 15780
Cobalt
Date(Fix.) ($/MT)
Average 30235.00
30-04-2014 29500
29-04-2014 30000
28-04-2014 30500
25-04-2014 30500
24-04-2014 30500
23-04-2014 30500
22-04-2014 30500
17-04-2014 30000
16-04-2014 30000
15-04-2014 30000
14-04-2014 30000
11-04-2014 30500
10-04-2014 30000
09-04-2014 30000
08-04-2014 30000
07-04-2014 30200
04-04-2014 30500
03-04-2014 30500
02-04-2014 30500
01-04-2014 30500