Monthly Metal Review

Overview

China’s manufacturing hit a seven-month high, apparently on Beijing’s mini-stimulus. HSBC’s June China flash PMI jumped to 50.8 from May’s final May 49.4, as new orders surged on domestic con-sumption. Stimuli include a 25-percent government-spending surge, infrastructure investments, tax cuts and reserve-requirement reductions. Industrial output rose 8.8 percent on-year in May and retail sales gained 12.5 percent on-year. However, home sales in 2014’s first five months fell 9.2 percent on year- China passenger-vehicle sales rose by 13.9 percent on-year in May to 1.59 million. This is a seasonally adjusted annual rate of over 20 million.


News has come out that stocks used for fi-nancing in China , and more specifically at the port of Qingdao may have been overstated , leaving some banks without the proper collateral. Some metals were shipped to more-regulated LME warehouses in Korea, Malaysia and elsewhere and credit tightened amid con-cern the scandal could spread.


The London Metal Exchange (LME) said it will appeal a UK court ruling against a measure meant to cut load-out backlogs at LME-approved ware-houses. A win could allow use of queue-cutting rules.


The Bank of England predicted the UK economy will grow 3 percent in 2014.


First-quarter UK unemployment fell to a five-year low, with employment up by 345,000 to 30.54 million. Unemployment fell to 2.16 million. But paycheck growth slumped to 0.7 per cent. The Con-federation of British Industry said annual retail-sales growth slowed in June to a seven-month low. A CBI retail-sales survey dropped to +4 from May’s
+16.


Bank of England Governor Mark Carney said stronger wage growth is fundamental and played down expectations of an interest-rate hike this year.


The European Central Bank cut interest rates, taking the deposit rate below zero and the benchmark rate to a record-low 0.15 percent. It an-nounced targeted long-term loans to spur credit sup-ply, whilst ECB President Mario Draghi said interest rates would stay low.


German business confidence fell amid concern that Ukraine and Iraq tensions would hurt business. The Ifo institute’s Germany business-climate index declined to 109.7 in June from May’s 110.4. Markit Economics said services activity slowed in June but manufacturing accelerated. Markit said Germany was again the driving force, although its composite PMI fell to 54.2 from 55.6. France’s index slumped to 48.0 from 49.3.


The U.S.Federal Reserve delayed an inter-est-rate increase until well into 2015. The Fed said May industrial production rose by 0.6 percent on-month. It trimmed economic-growth of 2.1-to-2.3 percent from an earlier 2.9 forecast, saying recovery was largely on track.


The Commerce Department said sales of new single-family homes surged 18.6 percent to a seasonally adjusted annual rate of 504,000 in May. That was the highest since May 2008.


The U.S. Consumer Price Index rose 0.4 percent in May, following April’s 0.3-percent ad-vance.


May U.S. auto sales surged by 11.3 percent on rising demand and looser credit. Automakers sold 1.6 million vehicles, annualised to 16.77 million.

Daily Prices

June 2014

Copper
Date(Fix.) ($/MT)
Average 6806.10
30-06-2014 6955
27-06-2014 6976
26-06-2014 6936.5
25-06-2014 6890.5
24-06-2014 6898.5
23-06-2014 6901
20-06-2014 6777.5
19-06-2014 6730.5
18-06-2014 6739
17-06-2014 6711
16-06-2014 6735
13-06-2014 6671.5
12-06-2014 6725
11-06-2014 6689.5
10-06-2014 6695.5
09-06-2014 6667.5
06-06-2014 6660.5
05-06-2014 6800
04-06-2014 6835
03-06-2014 6930
02-06-2014 7003
Silver
Date(Fix.) ($/OZ)
Average 19.78
30-06-2014 20.87
27-06-2014 21.04
26-06-2014 20.83
25-06-2014 20.78
24-06-2014 21.12
23-06-2014 20.75
20-06-2014 20.62
19-06-2014 19.94
18-06-2014 19.73
17-06-2014 19.55
16-06-2014 19.67
13-06-2014 19.58
12-06-2014 19.33
11-06-2014 19.2
10-06-2014 19
09-06-2014 19.11
06-06-2014 19.03
05-06-2014 18.81
04-06-2014 18.76
03-06-2014 18.87
02-06-2014 18.81
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1277.86
30-06-2014 1313
27-06-2014 1315.25
26-06-2014 1311.5
25-06-2014 1312
24-06-2014 1323
23-06-2014 1313.5
20-06-2014 1310
19-06-2014 1282
18-06-2014 1269
17-06-2014 1264.5
16-06-2014 1281.75
13-06-2014 1273
12-06-2014 1261.75
11-06-2014 1262.5
10-06-2014 1253.5
09-06-2014 1255
06-06-2014 1254
05-06-2014 1244.75
04-06-2014 1246
03-06-2014 1244.25
02-06-2014 1244.75
Date(Fix.) ($/OZ)
Average 1278.48
30-06-2014 1314
27-06-2014 1316.375
26-06-2014 1311.625
25-06-2014 1314.375
24-06-2014 1320.75
23-06-2014 1313.5
20-06-2014 1311.25
19-06-2014 1287.5
18-06-2014 1269.375
17-06-2014 1266
16-06-2014 1279
13-06-2014 1273
12-06-2014 1263.75
11-06-2014 1262.25
10-06-2014 1256.5
09-06-2014 1254.25
06-06-2014 1250.75
05-06-2014 1248.625
04-06-2014 1245.625
03-06-2014 1243.5
02-06-2014 1246
Date(Fix.) ($/OZ)
Average 1279.10
30-06-2014 1315
27-06-2014 1317.5
26-06-2014 1311.75
25-06-2014 1316.75
24-06-2014 1318.5
23-06-2014 1313.5
20-06-2014 1312.5
19-06-2014 1293
18-06-2014 1269.75
17-06-2014 1267.5
16-06-2014 1276.25
13-06-2014 1273
12-06-2014 1265.75
11-06-2014 1262
10-06-2014 1259.5
09-06-2014 1253.5
06-06-2014 1247.5
05-06-2014 1252.5
04-06-2014 1245.25
03-06-2014 1242.75
02-06-2014 1247.25
Lead
Date(Fix.) ($/MT)
Average 2103.31
30-06-2014 2129
27-06-2014 2138.5
26-06-2014 2140.5
25-06-2014 2139.5
24-06-2014 2160
23-06-2014 2137
20-06-2014 2108
19-06-2014 2097.5
18-06-2014 2100
17-06-2014 2092
16-06-2014 2064
13-06-2014 2054
12-06-2014 2084.5
11-06-2014 2090.5
10-06-2014 2108
09-06-2014 2104.5
06-06-2014 2063
05-06-2014 2080
04-06-2014 2095
03-06-2014 2095
02-06-2014 2089
Zinc
Date(Fix.) ($/MT)
Average 2126.79
30-06-2014 2204.5
27-06-2014 2182.5
26-06-2014 2180
25-06-2014 2169.5
24-06-2014 2182.5
23-06-2014 2183
20-06-2014 2167
19-06-2014 2138.5
18-06-2014 2129
17-06-2014 2112
16-06-2014 2085
13-06-2014 2073
12-06-2014 2109
11-06-2014 2102.5
10-06-2014 2106.5
09-06-2014 2129
06-06-2014 2069.5
05-06-2014 2094
04-06-2014 2080.5
03-06-2014 2084
02-06-2014 2081
Tin
Date(Fix.) ($/MT)
Average 22773.81
30-06-2014 21855
27-06-2014 22350
26-06-2014 22425
25-06-2014 22600
24-06-2014 22550
23-06-2014 22670
20-06-2014 22630
19-06-2014 22605
18-06-2014 22590
17-06-2014 22600
16-06-2014 22655
13-06-2014 22610
12-06-2014 22850
11-06-2014 22830
10-06-2014 23050
09-06-2014 23135
06-06-2014 23025
05-06-2014 23240
04-06-2014 23230
03-06-2014 23325
02-06-2014 23425
Nickel
Date(Fix.) ($/MT)
Average 18573.57
30-06-2014 18715
27-06-2014 18765
26-06-2014 18625
25-06-2014 18280
24-06-2014 18150
23-06-2014 18420
20-06-2014 18350
19-06-2014 18460
18-06-2014 18660
17-06-2014 18930
16-06-2014 18315
13-06-2014 17950
12-06-2014 18030
11-06-2014 18350
10-06-2014 18455
09-06-2014 18760
06-06-2014 18465
05-06-2014 19005
04-06-2014 18950
03-06-2014 19005
02-06-2014 19405
Cobalt
Date(Fix.) ($/MT)
Average 30546.43
30-06-2014 31400
27-06-2014 30500
26-06-2014 30500
25-06-2014 30250
24-06-2014 30175
23-06-2014 30200
20-06-2014 30200
19-06-2014 30200
18-06-2014 30300
17-06-2014 30350
16-06-2014 30450
13-06-2014 30500
12-06-2014 30600
11-06-2014 30650
10-06-2014 30500
09-06-2014 30600
06-06-2014 30450
05-06-2014 30650
04-06-2014 30700
03-06-2014 31000
02-06-2014 31300