Monthly Metal Review

Overview

The US dollar in November traded relatively flat versus other currencies such as the euro, but it remains very strong since the beginning of the year (+10% vs EUR). The impact on metals this month was unclear as copper, Zinc and Cobalt are ending the month lower while Silver, Gold, Nickel and Lead are ending the month higher.

Federal Reserve officials warned of market turbulence when the Fed eventually raises short-term interest rates, expected next year. Government data showed the U.S. job market is improving faster than expected. October’s U.S. unemployment rate was down to 5.8 percent. Furthrmore the percentage of the U.S. population employed rose to 59.2 percent, its highest since 2009.

U.S. industrial production fell 0.1 percent in October, but consumer confidence jumped to a seven-year high. Lower gasoline costs and the biggest payroll gains in a decade were forecast to lift buying power into December’s holiday-shopping season. America’s economy grew at an annual pace of 3.5 percent in the third quarter.

Americans bought homes in October at the fastest pace this year, upping existing-home sales 1.5 percent to a seasonally adjusted annual 5.26-million rate. That's up from September’s 5.18 million pace and up 2.5 percent on-year. Building-permit issuance was near a 6.5-year high and starts for single-family homes rose for a second month. Still, full-year sales are expected to fall below 2013’s.

The meeting of the Organization of the Petroleum Exporting Countries was one of the most closely watched in years, with prices tumbling 4 percent on the announcement that production would not be cut. Oil prices have sunk 34 percent since June, including a 13 percent fall in November. This is due to the U.S. shale boom, slower economic growth in China and Europe and limited shocks on the supply side.

China and Australia sealed a free-trade agreement to significantly expand ties. China is resource-rich Australia's top trading partner. The deal, to take effect after 2015, will open China’s markets to Australian farm exporters and the services sector while easing curbs on Chinese investment. Fortescue Metal’s chairman praised the deal.

China could up its limited Mexico mining as part of a US$14-billion investment package signed by Mexican and Chinese officials. It includes a US$2.4-billion investment fund for energy, mining, infrastructure, technology and tourism which could grow to US$9 billion.

Worldwide nonferrous-metals exploration budgets plunged 25 percent to US$11.36 billion in 2014 from US$15.19 billion in 2013, according to an SNL Financial Services study. This marks a two-year drop of more than US$10 billion in yearly exploration expenditure.

Daily Prices

November 2014

Copper
Date(Fix.) ($/MT)
Average 6701.13
28-11-2014 6515.5
27-11-2014 6621.5
26-11-2014 6649
25-11-2014 6696
24-11-2014 6731
21-11-2014 6790
20-11-2014 6688
19-11-2014 6715
18-11-2014 6684
17-11-2014 6752
14-11-2014 6695
13-11-2014 6755.5
12-11-2014 6752.5
11-11-2014 6688
10-11-2014 6735.5
07-11-2014 6720.5
06-11-2014 6681
05-11-2014 6646
04-11-2014 6705.5
03-11-2014 6801
Silver
Date(Fix.) ($/OZ)
Average 15.97
28-11-2014 15.97
27-11-2014 16.42
26-11-2014 16.61
25-11-2014 16.66
24-11-2014 16.33
21-11-2014 16.3
20-11-2014 16.2
19-11-2014 16.26
18-11-2014 16.27
17-11-2014 16.2
14-11-2014 15.35
13-11-2014 15.74
12-11-2014 15.62
11-11-2014 15.57
10-11-2014 15.67
07-11-2014 15.42
06-11-2014 15.28
05-11-2014 15.32
04-11-2014 16.12
03-11-2014 16.15
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1176.41
28-11-2014 1184.5
27-11-2014 1196.5
26-11-2014 1195.75
25-11-2014 1202.25
24-11-2014 1196
21-11-2014 1193.25
20-11-2014 1194
19-11-2014 1200.75
18-11-2014 1202
17-11-2014 1187
14-11-2014 1154
13-11-2014 1161
12-11-2014 1163.25
11-11-2014 1151.25
10-11-2014 1172
07-11-2014 1145
06-11-2014 1144.5
05-11-2014 1145.25
04-11-2014 1169.25
03-11-2014 1170.75
Date(Fix.) ($/OZ)
Average 1176.35
28-11-2014 1183.5
27-11-2014 1195.625
26-11-2014 1196.625
25-11-2014 1200.625
24-11-2014 1196.75
21-11-2014 1198.5
20-11-2014 1192
19-11-2014 1198.375
18-11-2014 1197.375
17-11-2014 1184.75
14-11-2014 1161.5
13-11-2014 1161.375
12-11-2014 1163.875
11-11-2014 1153.875
10-11-2014 1167
07-11-2014 1149.75
06-11-2014 1144.75
05-11-2014 1143.625
04-11-2014 1167.875
03-11-2014 1169.25
Date(Fix.) ($/OZ)
Average 1176.29
28-11-2014 1182.5
27-11-2014 1194.75
26-11-2014 1197.5
25-11-2014 1199
24-11-2014 1197.5
21-11-2014 1203.75
20-11-2014 1190
19-11-2014 1196
18-11-2014 1192.75
17-11-2014 1182.5
14-11-2014 1169
13-11-2014 1161.75
12-11-2014 1164.5
11-11-2014 1156.5
10-11-2014 1162
07-11-2014 1154.5
06-11-2014 1145
05-11-2014 1142
04-11-2014 1166.5
03-11-2014 1167.75
Lead
Date(Fix.) ($/MT)
Average 2023.73
28-11-2014 2027
27-11-2014 2065
26-11-2014 2046
25-11-2014 2061
24-11-2014 2046
21-11-2014 2060
20-11-2014 2017
19-11-2014 2026
18-11-2014 2017
17-11-2014 2022.5
14-11-2014 2025
13-11-2014 2022.5
12-11-2014 2034
11-11-2014 2018
10-11-2014 2029
07-11-2014 1997
06-11-2014 1979.5
05-11-2014 1975
04-11-2014 2007
03-11-2014 2000
Zinc
Date(Fix.) ($/MT)
Average 2259.43
28-11-2014 2227
27-11-2014 2270.5
26-11-2014 2272.5
25-11-2014 2287.5
24-11-2014 2300
21-11-2014 2299
20-11-2014 2236.5
19-11-2014 2231.5
18-11-2014 2238
17-11-2014 2241.5
14-11-2014 2242.5
13-11-2014 2278.5
12-11-2014 2274.5
11-11-2014 2237
10-11-2014 2273
07-11-2014 2228
06-11-2014 2217.5
05-11-2014 2219
04-11-2014 2286
03-11-2014 2328.5
Tin
Date(Fix.) ($/MT)
Average 19969.00
28-11-2014 20175
27-11-2014 20375
26-11-2014 20375
25-11-2014 20210
24-11-2014 20480
21-11-2014 20250
20-11-2014 19775
19-11-2014 19705
18-11-2014 19575
17-11-2014 19610
14-11-2014 19825
13-11-2014 20030
12-11-2014 20150
11-11-2014 19925
10-11-2014 20050
07-11-2014 20025
06-11-2014 19850
05-11-2014 19540
04-11-2014 19605
03-11-2014 19850
Nickel
Date(Fix.) ($/MT)
Average 15706.25
28-11-2014 16090
27-11-2014 16325
26-11-2014 16230
25-11-2014 16455
24-11-2014 16535
21-11-2014 16450
20-11-2014 16175
19-11-2014 15850
18-11-2014 15650
17-11-2014 15600
14-11-2014 15320
13-11-2014 15520
12-11-2014 15535
11-11-2014 15090
10-11-2014 15070
07-11-2014 15265
06-11-2014 15255
05-11-2014 14980
04-11-2014 15155
03-11-2014 15575
Cobalt
Date(Fix.) ($/MT)
Average 31345.00
28-11-2014 31000
27-11-2014 30750
26-11-2014 30750
25-11-2014 31000
24-11-2014 31000
21-11-2014 31500
20-11-2014 31500
19-11-2014 31700
18-11-2014 31700
17-11-2014 31500
14-11-2014 31500
13-11-2014 31500
12-11-2014 31500
11-11-2014 31500
10-11-2014 31500
07-11-2014 31500
06-11-2014 31500
05-11-2014 31500
04-11-2014 31000
03-11-2014 31500