Monthly Metal Review

Overview

Eurozone growth was flat in the second quarter as Germany contracted by 0.2 percent. Italy again returned to recession, shrinking by 0.2 percent while France showed no growth.


The European Central Bank (ECB) could begin anti-deflation quantitative-easing measures in September, economists said. Rates in Europe decreased substantially since the beginning of the year with the 10yr German bund trading at 0.88% (vs 1.94% at the beginning of the year) while the US 10yr is hovering around 2.4%.


UK unemployment fell towards a six-year low in the quarter to June, down by 132,000 to 2.08 million. But average wages, excluding bonus-es, rose by just 0.6 percent in the year. At the same time the UK economy grew by 3.2 percent on-year in the second quarter.


In the U.S., the Federal Reserve is in no rush to increase near-zero short-term interest rates without a more-enduring jobs recovery. Existing U.S. home sales rose in July to 5.15 million, the highest annual rate since last September. The U.S. manufacturing PMI showed August factory activity expanding at its fastest pace for more than four years.


China’s manufacturing-sector growth slumped to a three-month low, an HSBC/Markit purchasing-managers survey indicated; still growing but dropping to 50.3 from July’s 51.7 measure. Property-market prices fell 0.9 percent on-month in July, as developers scaled back investments. China’s economy grew by 7.5 percent in the second quarter, up from 7.4 percent in the first.


Scarce water access and rising energy costs are significant mining-industry business risks, re-ports consulting group EY. Threats to affordable water and energy are most acute in South America and Africa. Miners spent US$3 billion on water infrastructure in 2009, growing to some US$12 billion in 2013. EY said renewable energy should become core to operations, noting that electricity costs in Chile jumped 11 percent annually since 2000. Mining was about 36 percent of Chile’s electricity consumption.


Mining companies in Peru brought multiple lawsuits against the government to overturn an increase in the tax they pay to cover inspections and environmental oversight. The general manag-er of Yanacocha said 26 mining corporations, including his own, brought legal action against the APR levy. The National Society of Mining, Oil and Energy argued that the tax is unconstitutional.

Daily Prices

August 2014

Copper
Date(Fix.) ($/MT)
Average 7000.55
29-08-2014 6995
28-08-2014 7033
27-08-2014 7051
26-08-2014 7096
22-08-2014 7088
21-08-2014 7003
20-08-2014 6922
19-08-2014 6934.5
18-08-2014 6910
15-08-2014 6852.5
14-08-2014 6886.5
13-08-2014 6925.5
12-08-2014 7025.5
11-08-2014 7010.5
08-08-2014 7020
07-08-2014 6980.5
06-08-2014 6995
05-08-2014 7100.5
04-08-2014 7104
01-08-2014 7078
Silver
Date(Fix.) ($/OZ)
Average 19.80
29-08-2014 19.47
28-08-2014 19.75
27-08-2014 19.32
26-08-2014 19.49
22-08-2014 19.49
21-08-2014 19.4
20-08-2014 19.42
19-08-2014 19.66
18-08-2014 19.59
15-08-2014 19.86
14-08-2014 19.86
13-08-2014 19.9
12-08-2014 20.08
11-08-2014 19.85
08-08-2014 20.13
07-08-2014 20.07
06-08-2014 19.78
05-08-2014 20.2
04-08-2014 20.35
01-08-2014 20.34
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1297.01
29-08-2014 1285.75
28-08-2014 1288
27-08-2014 1285
26-08-2014 1286.5
22-08-2014 1281
21-08-2014 1280.5
20-08-2014 1294.5
19-08-2014 1300.25
18-08-2014 1302.75
15-08-2014 1313.6
14-08-2014 1315
13-08-2014 1309.25
12-08-2014 1311
11-08-2014 1308.25
08-08-2014 1317.5
07-08-2014 1302
06-08-2014 1288.5
05-08-2014 1292.75
04-08-2014 1293.5
01-08-2014 1284.5
Date(Fix.) ($/OZ)
Average 1296.50
29-08-2014 1285.75
28-08-2014 1290
27-08-2014 1283.875
26-08-2014 1286.25
22-08-2014 1279.125
21-08-2014 1277.875
20-08-2014 1294.75
19-08-2014 1298.375
18-08-2014 1299.75
15-08-2014 1304.8
14-08-2014 1314.25
13-08-2014 1310.625
12-08-2014 1313.375
11-08-2014 1307.75
08-08-2014 1313.625
07-08-2014 1303.625
06-08-2014 1297.5
05-08-2014 1288.75
04-08-2014 1292
01-08-2014 1287.875
Date(Fix.) ($/OZ)
Average 1295.99
29-08-2014 1285.75
28-08-2014 1292
27-08-2014 1282.75
26-08-2014 1286
22-08-2014 1277.25
21-08-2014 1275.25
20-08-2014 1295
19-08-2014 1296.5
18-08-2014 1296.75
15-08-2014 1296
14-08-2014 1313.5
13-08-2014 1312
12-08-2014 1315.75
11-08-2014 1307.25
08-08-2014 1309.75
07-08-2014 1305.25
06-08-2014 1306.5
05-08-2014 1284.75
04-08-2014 1290.5
01-08-2014 1291.25
Lead
Date(Fix.) ($/MT)
Average 2236.58
29-08-2014 2259
28-08-2014 2254.5
27-08-2014 2251
26-08-2014 2257
22-08-2014 2259.5
21-08-2014 2254
20-08-2014 2235.5
19-08-2014 2240.5
18-08-2014 2200.5
15-08-2014 2194.5
14-08-2014 2206
13-08-2014 2230.5
12-08-2014 2260
11-08-2014 2248
08-08-2014 2237
07-08-2014 2248
06-08-2014 2212.5
05-08-2014 2247
04-08-2014 2240
01-08-2014 2196.5
Zinc
Date(Fix.) ($/MT)
Average 2329.23
29-08-2014 2359
28-08-2014 2359.5
27-08-2014 2350
26-08-2014 2359.5
22-08-2014 2364
21-08-2014 2351
20-08-2014 2332
19-08-2014 2313.5
18-08-2014 2262.5
15-08-2014 2260
14-08-2014 2295
13-08-2014 2297
12-08-2014 2329
11-08-2014 2309
08-08-2014 2304.5
07-08-2014 2320
06-08-2014 2333
05-08-2014 2380
04-08-2014 2359
01-08-2014 2347
Tin
Date(Fix.) ($/MT)
Average 22294.00
29-08-2014 21850
28-08-2014 21800
27-08-2014 21915
26-08-2014 22090
22-08-2014 22425
21-08-2014 22275
20-08-2014 22390
19-08-2014 22400
18-08-2014 22425
15-08-2014 22400
14-08-2014 22400
13-08-2014 22480
12-08-2014 22475
11-08-2014 22320
08-08-2014 22300
07-08-2014 22325
06-08-2014 22375
05-08-2014 22380
04-08-2014 22375
01-08-2014 22480
Nickel
Date(Fix.) ($/MT)
Average 18575.75
29-08-2014 18455
28-08-2014 18650
27-08-2014 18635
26-08-2014 18805
22-08-2014 18625
21-08-2014 18730
20-08-2014 18780
19-08-2014 18550
18-08-2014 18420
15-08-2014 18505
14-08-2014 18535
13-08-2014 18580
12-08-2014 18850
11-08-2014 18495
08-08-2014 18620
07-08-2014 18860
06-08-2014 18275
05-08-2014 18490
04-08-2014 18375
01-08-2014 18280
Cobalt
Date(Fix.) ($/MT)
Average 32777.50
29-08-2014 33000
28-08-2014 32650
27-08-2014 33000
26-08-2014 33000
22-08-2014 32500
21-08-2014 32750
20-08-2014 32750
19-08-2014 32750
18-08-2014 32750
15-08-2014 32750
14-08-2014 32650
13-08-2014 32750
12-08-2014 32750
11-08-2014 33000
08-08-2014 32500
07-08-2014 33000
06-08-2014 33000
05-08-2014 33000
04-08-2014 32500
01-08-2014 32500