Monthly Metal Review

Overview

European Central Bank head Mario Draghi said the ECB governing council was unanimously in favor of using unconventional QE measures - stimuli - in coming months if inflation stayed too low.


U.S. Federal Reserve Chair Janet Yellen said the U.S. economy is improving but still needs central-bank support. U.S. employers added a strong 288,000 jobs in June, up from May’s 217,000 hires, for the fifth month in which 200,000-plus jobs were created. Un-employment fell to 6.1 percent. But new-home starts tumbled 9.3 percent to a seasonally-adjusted annual 893,000 unit-pace.


China announced second-quarter 7.5-percent economic growth on-year, following 7.4-percent first-quarter growth and suggesting some suc-cess with selective stimulus spending and credit-easing. Yet first-half housing sales fell 9.2 percent.


But whilst Beijing‘s trade performance im-proved in June, copper imports fell as banks tightened metals-imports lending after a metals-financing scan-dal.


Indonesia offered miners a tax concession to end the export dispute that cut mineral exports by a half-billion dollars monthly.


As has been widely reported in the press, the ‘London silver fix’ as administered by the London Silver Market Fixing Limited is set to cease in its cur-rent form as of the 14th of August, on the back of increased regulatory scrutiny and the planned with-drawal of Deutsche Bank as fixing member (this would leave only two fixing members in operation, HSBC and Nova Scotia, which both banks considered undesira-ble).


On Friday the 11th of July, the LBMA has announced that CME Group & Thomson Reuters have been selected to provide the solution for the London Silver Price mechanism. The system will be electronic, auction based and auditable. It is also trad-able with an increased number of direct participants.


As the mining industry’s investment in new capacity slows in Australia, some 50,000 to 75,000 mining jobs will disappear in the next two years, according to an ANZ-bank study. Job cuts will occur as the sector switches from the construction to the operational phase, requiring fewer workers.


Australia became the first developed na-tion to repeal carbon laws that put a price on green-house-gas emissions. The Senate voted 39 to 32 to end the $23.45 per tonne of carbon dioxide tax intro-duced by the previous government.


Canada’s Supreme Court ruled that the government must obtain First Nations or Aboriginal consent before resource extraction on claimed land. The court granted the Tsilhqot’in First Nation title to a 1,700-square-kilometre area of traditional land outside its British-Columbia reserve, essentially a dec-laration that the Tsilhqot’in owned the land.


Mongolia overhauled its mining law, ex-panding areas available to mining and exploration to 20 percent from some 8 percent, by lifting a 2010 new-license ban.


The London Metal Exchange approved BTG’s (the Brazilian Investment Bank) Commodities Warehousing to establish operations in Singapore for all metals.

Daily Prices

July 2014

Copper
Date(Fix.) ($/MT)
Average 7104.50
31-07-2014 7135.5
30-07-2014 7090
29-07-2014 7116
28-07-2014 7132
25-07-2014 7183.5
24-07-2014 7151
23-07-2014 7065
22-07-2014 7060.5
21-07-2014 6989.5
18-07-2014 7026.5
17-07-2014 7030.5
16-07-2014 7112
15-07-2014 7102.5
14-07-2014 7154.5
11-07-2014 7151
10-07-2014 7110
09-07-2014 7173
08-07-2014 7155
07-07-2014 7120.5
04-07-2014 7159
03-07-2014 7121
02-07-2014 7050
01-07-2014 7015
Silver
Date(Fix.) ($/OZ)
Average 20.92
31-07-2014 20.69
30-07-2014 20.54
29-07-2014 20.64
28-07-2014 20.63
25-07-2014 20.46
24-07-2014 20.84
23-07-2014 20.93
22-07-2014 20.81
21-07-2014 20.93
18-07-2014 20.94
17-07-2014 20.78
16-07-2014 20.7
15-07-2014 20.93
14-07-2014 21.13
11-07-2014 21.41
10-07-2014 21.5
09-07-2014 21.13
08-07-2014 21.08
07-07-2014 20.95
04-07-2014 21.12
03-07-2014 21
02-07-2014 21.04
01-07-2014 21.08
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1312.99
31-07-2014 1295
30-07-2014 1297.5
29-07-2014 1307.5
28-07-2014 1305
25-07-2014 1292.5
24-07-2014 1300
23-07-2014 1307.5
22-07-2014 1307
21-07-2014 1312.75
18-07-2014 1310.25
17-07-2014 1302.75
16-07-2014 1297.5
15-07-2014 1312
14-07-2014 1321.25
11-07-2014 1336.5
10-07-2014 1343.25
09-07-2014 1322.5
08-07-2014 1318.25
07-07-2014 1313.25
04-07-2014 1321.5
03-07-2014 1322.5
02-07-2014 1326.75
01-07-2014 1325.75
Date(Fix.) ($/OZ)
Average 1311.98
31-07-2014 1290.125
30-07-2014 1296
29-07-2014 1303.375
28-07-2014 1304.75
25-07-2014 1293.625
24-07-2014 1296.375
23-07-2014 1307.75
22-07-2014 1308.625
21-07-2014 1312.125
18-07-2014 1308.75
17-07-2014 1302.625
16-07-2014 1299.25
15-07-2014 1311
14-07-2014 1313.625
11-07-2014 1335.75
10-07-2014 1341.75
09-07-2014 1322.625
08-07-2014 1320.625
07-07-2014 1313.125
04-07-2014 1320.375
03-07-2014 1320
02-07-2014 1326.625
01-07-2014 1326.625
Date(Fix.) ($/OZ)
Average 1310.97
31-07-2014 1285.25
30-07-2014 1294.5
29-07-2014 1299.25
28-07-2014 1304.5
25-07-2014 1294.75
24-07-2014 1292.75
23-07-2014 1308
22-07-2014 1310.25
21-07-2014 1311.5
18-07-2014 1307.25
17-07-2014 1302.5
16-07-2014 1301
15-07-2014 1310
14-07-2014 1306
11-07-2014 1335
10-07-2014 1340.25
09-07-2014 1322.75
08-07-2014 1323
07-07-2014 1313
04-07-2014 1319.25
03-07-2014 1317.5
02-07-2014 1326.5
01-07-2014 1327.5
Lead
Date(Fix.) ($/MT)
Average 2189.26
31-07-2014 2237
30-07-2014 2218
29-07-2014 2265
28-07-2014 2269
25-07-2014 2265
24-07-2014 2208.5
23-07-2014 2199
22-07-2014 2206
21-07-2014 2174
18-07-2014 2168
17-07-2014 2161
16-07-2014 2180
15-07-2014 2175
14-07-2014 2193.5
11-07-2014 2175.5
10-07-2014 2149
09-07-2014 2194
08-07-2014 2169
07-07-2014 2161
04-07-2014 2156
03-07-2014 2160.5
02-07-2014 2140
01-07-2014 2129
Zinc
Date(Fix.) ($/MT)
Average 2311.02
31-07-2014 2400
30-07-2014 2358
29-07-2014 2388
28-07-2014 2405
25-07-2014 2420
24-07-2014 2393
23-07-2014 2372
22-07-2014 2370
21-07-2014 2306
18-07-2014 2287.5
17-07-2014 2288.5
16-07-2014 2299.5
15-07-2014 2288.5
14-07-2014 2315.5
11-07-2014 2287
10-07-2014 2258
09-07-2014 2307.5
08-07-2014 2295
07-07-2014 2247
04-07-2014 2236
03-07-2014 2230
02-07-2014 2207.5
01-07-2014 2194
Tin
Date(Fix.) ($/MT)
Average 22382.83
31-07-2014 22950
30-07-2014 22550
29-07-2014 22600
28-07-2014 22550
25-07-2014 22405
24-07-2014 22225
23-07-2014 22125
22-07-2014 22105
21-07-2014 22155
18-07-2014 22080
17-07-2014 22075
16-07-2014 22110
15-07-2014 22090
14-07-2014 22170
11-07-2014 22010
10-07-2014 22100
09-07-2014 22205
08-07-2014 22625
07-07-2014 22710
04-07-2014 22780
03-07-2014 22850
02-07-2014 22755
01-07-2014 22580
Nickel
Date(Fix.) ($/MT)
Average 19050.43
31-07-2014 18765
30-07-2014 18680
29-07-2014 18525
28-07-2014 18800
25-07-2014 19160
24-07-2014 19080
23-07-2014 18960
22-07-2014 18925
21-07-2014 18725
18-07-2014 18505
17-07-2014 19080
16-07-2014 19200
15-07-2014 19260
14-07-2014 19210
11-07-2014 19065
10-07-2014 18975
09-07-2014 19515
08-07-2014 19440
07-07-2014 19180
04-07-2014 19385
03-07-2014 19795
02-07-2014 19080
01-07-2014 18850
Cobalt
Date(Fix.) ($/MT)
Average 32217.39
31-07-2014 32500
30-07-2014 32000
29-07-2014 33000
28-07-2014 33000
25-07-2014 33250
24-07-2014 32750
23-07-2014 32500
22-07-2014 32750
21-07-2014 33000
18-07-2014 32750
17-07-2014 32750
16-07-2014 32750
15-07-2014 32750
14-07-2014 32750
11-07-2014 32000
10-07-2014 31500
09-07-2014 31500
08-07-2014 31350
07-07-2014 30850
04-07-2014 31500
03-07-2014 31000
02-07-2014 31400
01-07-2014 31400