Monthly Metal Review

Overview

A World Bank report said China could surpass the U.S. this year as the world’s biggest economy, based on the purchasing power of its currency. Beijing rejected the report, noting that purchasing power is only one measure of economic standing. The U.S. GDP of some $16 trillion is twice China’s economy. China’s consumer price index rose 1.8 percent on-year in April as the producer price index fell 2 percent on-month. Real-estate sales fell 7.8 percent on-year in renminbi terms in 2014’s first four months as new construction starts fell 22.1 percent on-year. Industrial-production growth slowed marginally, to 8.7 percent from April of 2013. Factory output fell 0.6 percent following March’s 0.9 gain.

Japan’s first-quarter economy surged at a sea-sonally adjusted annual rate of 5.9 percent, regaining momentum despite a sluggish world economy. Growth was pushed by demand ahead of a three-point April 1 sales-tax increase to 8 percent; the first major tax hike in 17 years.

U.S. new-home sales climbed in April for the first time in three months, jumping 6.4 percent to a 433,000 annualized rate. Total housing starts surged 13.2 percent to a seasonally adjusted 1.07-million annual rate, driven by multi-family housing. U.S. job growth rose at its fastest rate in more than two years in April, surging by 288,000 and keeping the Federal Reserve on track to end bond-purchase stimuli this year.

European Union new car sales rose 4.6 percent on-year in April. Sales in France, Spain, Britain and Italy offset a 3.6-percent fall in Germany’s new-car sales. The first-quarter UK economy grew by 0.8 percent, the fifth consecutive GDP-growth period. Manufacturing grew by 1.2 percent and the jobless rate fell to 6.8 percent. But the Markit UK construction PMI fell to a six-month low of 60.8 in April from March’s 62.5 as average house price surged by 10.9 percent on-year. Bank of England Governor Mark Carney warned of a housing bubble, saying inadequate supply in the red-hot housing market threatens long-term recovery. Work began on 133,650 homes in the first quarter, up 31 percent on-year.

Germany showed 0.8-percent expansion but France stagnated. Economies in Italy, Portugal and Netherlands shrank. Central-bank options for its June meeting include interest-rate cuts and lending to small- and mid-sized firms.

First-quarter trading volume on the LME jumped 6 percent on-year, driven largely by copper-market volatility. Average daily volume of zinc and copper contracts increased by 8 and 9 percent, re-spectively, on-year. Nickel contracts surged 42 percent on-year. Turnover declines were seen in lead and tin. Equities hit a six-year high in May as copper jumped to a two-month high and nickel reached a two-year-high mark. China's refined-copper production fell to 584,277 tons in April from 594,075 tons in March, the government said. The fall was blamed on maintenance at two smelters and insufficient scrap material. Chile’s Antofagasta said its next growth phase probably won’t start for two or three years on short-term market challenges : more copper coming on stream and China-growth questions. Even so, Antofagasta confirmed its 700,000-tonne 2014 production target.

Daily Prices

May 2014

Copper
Date(Fix.) ($/MT)
Average 6883.88
30-05-2014 6995.5
29-05-2014 6970
28-05-2014 7035
27-05-2014 7020
23-05-2014 6991
22-05-2014 6945.5
21-05-2014 6841
20-05-2014 6922.5
19-05-2014 7009
16-05-2014 6950
15-05-2014 6949
14-05-2014 6976.5
13-05-2014 6884.5
12-05-2014 6930
09-05-2014 6770
08-05-2014 6690.5
07-05-2014 6688
06-05-2014 6740
02-05-2014 6699
01-05-2014 6670.5
Silver
Date(Fix.) ($/OZ)
Average 19.36
30-05-2014 19
29-05-2014 18.85
28-05-2014 19.125
27-05-2014 19.25
23-05-2014 19.42
22-05-2014 19.56
21-05-2014 19.31
20-05-2014 19.37
19-05-2014 19.55
16-05-2014 19.33
15-05-2014 19.66
14-05-2014 19.87
13-05-2014 19.44
12-05-2014 19.46
09-05-2014 19.25
08-05-2014 19.25
07-05-2014 19.64
06-05-2014 19.64
02-05-2014 19.17
01-05-2014 19.06
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1288.91
30-05-2014 1254
29-05-2014 1254
28-05-2014 1265.25
27-05-2014 1283
23-05-2014 1292
22-05-2014 1294.5
21-05-2014 1292
20-05-2014 1291.5
19-05-2014 1301
16-05-2014 1293.75
15-05-2014 1303.75
14-05-2014 1300.25
13-05-2014 1292.75
12-05-2014 1292.75
09-05-2014 1289
08-05-2014 1291.25
07-05-2014 1311
06-05-2014 1308.5
02-05-2014 1285
01-05-2014 1283
Date(Fix.) ($/OZ)
Average 1288.22
30-05-2014 1252.25
29-05-2014 1254.5
28-05-2014 1264.375
27-05-2014 1279.25
23-05-2014 1291.75
22-05-2014 1296.5
21-05-2014 1289.625
20-05-2014 1293.5
19-05-2014 1301.5
16-05-2014 1292.625
15-05-2014 1301.375
14-05-2014 1302.75
13-05-2014 1294.625
12-05-2014 1295.75
09-05-2014 1290.125
08-05-2014 1289.125
07-05-2014 1303.5
06-05-2014 1307.375
02-05-2014 1283.125
01-05-2014 1280.75
Date(Fix.) ($/OZ)
Average 1287.53
30-05-2014 1250.5
29-05-2014 1255
28-05-2014 1263.5
27-05-2014 1275.5
23-05-2014 1291.5
22-05-2014 1298.5
21-05-2014 1287.25
20-05-2014 1295.5
19-05-2014 1302
16-05-2014 1291.5
15-05-2014 1299
14-05-2014 1305.25
13-05-2014 1296.5
12-05-2014 1298.75
09-05-2014 1291.25
08-05-2014 1287
07-05-2014 1296
06-05-2014 1306.25
02-05-2014 1281.25
01-05-2014 1278.5
Lead
Date(Fix.) ($/MT)
Average 2097.13
30-05-2014 2084.5
29-05-2014 2075
28-05-2014 2117
27-05-2014 2120
23-05-2014 2123
22-05-2014 2112.5
21-05-2014 2085
20-05-2014 2114
19-05-2014 2121
16-05-2014 2110.5
15-05-2014 2125
14-05-2014 2113
13-05-2014 2100
12-05-2014 2093
09-05-2014 2081
08-05-2014 2064
07-05-2014 2082
06-05-2014 2091
02-05-2014 2060.5
01-05-2014 2070.5
Zinc
Date(Fix.) ($/MT)
Average 2060.30
30-05-2014 2074
29-05-2014 2047
28-05-2014 2089.5
27-05-2014 2082
23-05-2014 2083.5
22-05-2014 2081
21-05-2014 2049
20-05-2014 2083
19-05-2014 2085
16-05-2014 2057.5
15-05-2014 2077
14-05-2014 2085
13-05-2014 2065
12-05-2014 2062.5
09-05-2014 2027.5
08-05-2014 2020
07-05-2014 2049
06-05-2014 2050.5
02-05-2014 2012.5
01-05-2014 2025.5
Tin
Date(Fix.) ($/MT)
Average 23313.75
30-05-2014 23505
29-05-2014 23375
28-05-2014 23355
27-05-2014 23375
23-05-2014 23340
22-05-2014 23400
21-05-2014 23050
20-05-2014 23350
19-05-2014 23555
16-05-2014 23435
15-05-2014 23400
14-05-2014 23480
13-05-2014 23225
12-05-2014 23375
09-05-2014 23300
08-05-2014 23250
07-05-2014 23250
06-05-2014 23205
02-05-2014 23000
01-05-2014 23050
Nickel
Date(Fix.) ($/MT)
Average 19439.75
30-05-2014 19310
29-05-2014 18750
28-05-2014 19515
27-05-2014 19650
23-05-2014 19620
22-05-2014 19670
21-05-2014 19405
20-05-2014 19680
19-05-2014 19785
16-05-2014 19155
15-05-2014 18750
14-05-2014 20650
13-05-2014 21200
12-05-2014 20850
09-05-2014 20105
08-05-2014 19390
07-05-2014 18580
06-05-2014 18460
02-05-2014 18200
01-05-2014 18070
Cobalt
Date(Fix.) ($/MT)
Average 30390.00
30-05-2014 31000
29-05-2014 31100
28-05-2014 31000
27-05-2014 30500
23-05-2014 30600
22-05-2014 30600
21-05-2014 30600
20-05-2014 30000
19-05-2014 30600
16-05-2014 30700
15-05-2014 30500
14-05-2014 30500
13-05-2014 30500
12-05-2014 30000
09-05-2014 30100
08-05-2014 30100
07-05-2014 29650
06-05-2014 30250
02-05-2014 29700
01-05-2014 29800