Monthly Metal Review

Overview

Commodities closed out the year on a negative note as prices fell across the board. A fresh 8 1/2-year high in the U.S. dollar didn't help; the U.S. Dollar Index was last trading up by 0.3 percent to 90.26. Meanwhile, stock markets slipped from record high territory amid profit-taking by investors.

The U.S. economy grew at an annualized 5-percent rate in third-quarter 2014, the biggest gain in 11 years. But November durable-goods orders fell 0.7 percent on lower corporate investment and weaker military-equipment demand. Federal Reserve Chair Janet Yellen said U.S. interest rates are likely to be held near zero, at least through first-quarter 2015. She said rates would rise gradually and might not return to more-normal levels until 2017.

The US can satisfy almost 90 percent of its energy needs domestically. The EU imports 88 per cent of its oil. There are winners and losers, but economists estimate that every US$20 drop in the oil price boosts global growth by 0.4 percent within two to three years.

Russia’s rouble plunged in value as the price of Russia’s main export, oil, dropped drastically. The Bank of Russia raised its key interest rate to 17 percent, megaprojects were shelved, and grain exports curbed. Western sanctions over Moscow's activity in eastern Ukraine and Russia’s ban on Western food imports have kept inflation high and restricted access to Western financing. The bank warned of a 4.5- to 4.7-percent 2015 GDP shrinkage with oil at US$60 a barrel. Officials said inflation could climb above 10 percent.

China’s factory output fell for a second month in December. The HSBC/Markit flash China manufacturing PMI fell to 49.5 from November’s final 50. China’s central bank cut interest rates in late November as growth appeared set to fall below 2014’s 7.5-percent target. China’s top planning body approved a new, US$13-billion Beijing airport. The government is speeding infrastructure spending, including highways and 28 new rail lines, to cushion a slowdown. Most economists expect about 7.3-percent 2014 economic growth. Beijing is to lower its 2015 annual growth target.

The European Central Bank cut its eurozone growth and inflation forecasts, expecting the bloc to grow by 0.8 percent in 2014, 1.0 percent in 2015 and 1.5 percent in 2016.

ECB President Mario Draghi said policy makers will consider robust stimuli in first-quarter 2015, prompting the head of Germany’s Bundesbank to say QE may not work in Europe. The ECB left super-low interest rates unchanged. The Bank of England also kept key interest rate at 0.5 percent and bond buying at US$588 billion. The euro area experienced mediocre economic growth and an 11.5-percent jobless rate.

The UK government announced an 800-million (US$1.3 billion) property-tax cut. The government, facing a May general election, reduced transaction taxes, a stamp duty, on most home sales. It came amidst a cooling housing market, although its impact could be blunted by tougher mortgage rules.

Daily Prices

December 2014

Copper
Date(Fix.) ($/MT)
Average 6422.95
31-12-2014 6359
30-12-2014 6330
29-12-2014 6332
24-12-2014 6361
23-12-2014 6363
22-12-2014 6426.5
19-12-2014 6445.5
18-12-2014 6350.5
17-12-2014 6306
16-12-2014 6390
15-12-2014 6560
12-12-2014 6526.5
11-12-2014 6471.5
10-12-2014 6476
09-12-2014 6401
08-12-2014 6465.5
05-12-2014 6536
04-12-2014 6491
03-12-2014 6451
02-12-2014 6455
01-12-2014 6385
Silver
Date(Fix.) ($/OZ)
Average 16.24
31-12-2014 15.97
30-12-2014 15.79
29-12-2014 16
24-12-2014 15.77
23-12-2014 15.71
22-12-2014 16.09
19-12-2014 15.86
18-12-2014 16.08
17-12-2014 15.95
16-12-2014 16.29
15-12-2014 16.85
12-12-2014 17.07
11-12-2014 16.98
10-12-2014 17.06
09-12-2014 16.37
08-12-2014 16.26
05-12-2014 16.33
04-12-2014 16.42
03-12-2014 16.3
02-12-2014 16.16
01-12-2014 15.73
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1200.44
31-12-2014 1199.25
30-12-2014 1186.5
29-12-2014 1194
24-12-2014 1177
23-12-2014 1179.5
22-12-2014 1195.25
19-12-2014 1197.5
18-12-2014 1210.75
17-12-2014 1199
16-12-2014 1199.25
15-12-2014 1210.75
12-12-2014 1223.5
11-12-2014 1219.5
10-12-2014 1228.25
09-12-2014 1206.5
08-12-2014 1195.25
05-12-2014 1204.5
04-12-2014 1204
03-12-2014 1203.25
02-12-2014 1197
01-12-2014 1178.75
Date(Fix.) ($/OZ)
Average 1200.68
31-12-2014 1199.25
30-12-2014 1196.25
29-12-2014 1189.5
24-12-2014 1177
23-12-2014 1177.625
22-12-2014 1195.25
19-12-2014 1196.5
18-12-2014 1204.875
17-12-2014 1197.375
16-12-2014 1200.875
15-12-2014 1210
12-12-2014 1220.25
11-12-2014 1217.875
10-12-2014 1228.625
09-12-2014 1216.75
08-12-2014 1194.125
05-12-2014 1199.25
04-12-2014 1206.5
03-12-2014 1204
02-12-2014 1196
01-12-2014 1186.375
Date(Fix.) ($/OZ)
Average 1200.92
31-12-2014 1199.25
30-12-2014 1206
29-12-2014 1185
24-12-2014 1177
23-12-2014 1175.75
22-12-2014 1195.25
19-12-2014 1195.5
18-12-2014 1199
17-12-2014 1195.75
16-12-2014 1202.5
15-12-2014 1209.25
12-12-2014 1217
11-12-2014 1216.25
10-12-2014 1229
09-12-2014 1227
08-12-2014 1193
05-12-2014 1194
04-12-2014 1209
03-12-2014 1204.75
02-12-2014 1195
01-12-2014 1194
Lead
Date(Fix.) ($/MT)
Average 1936.10
31-12-2014 1853
30-12-2014 1814
29-12-2014 1822
24-12-2014 1847.5
23-12-2014 1862.5
22-12-2014 1864
19-12-2014 1870
18-12-2014 1854
17-12-2014 1867
16-12-2014 1936.5
15-12-2014 1963.5
12-12-2014 1972
11-12-2014 1982.5
10-12-2014 2004
09-12-2014 2009
08-12-2014 2020
05-12-2014 2026.5
04-12-2014 2030
03-12-2014 2017
02-12-2014 2018
01-12-2014 2025
Zinc
Date(Fix.) ($/MT)
Average 2171.71
31-12-2014 2167
30-12-2014 2139
29-12-2014 2135
24-12-2014 2152.5
23-12-2014 2154.5
22-12-2014 2179.5
19-12-2014 2158
18-12-2014 2121.5
17-12-2014 2114
16-12-2014 2142.5
15-12-2014 2187
12-12-2014 2174
11-12-2014 2151
10-12-2014 2191
09-12-2014 2185.5
08-12-2014 2212
05-12-2014 2230.5
04-12-2014 2216
03-12-2014 2194.5
02-12-2014 2206
01-12-2014 2195
Tin
Date(Fix.) ($/MT)
Average 19825.71
31-12-2014 19500
30-12-2014 19000
29-12-2014 19145
24-12-2014 18795
23-12-2014 18530
22-12-2014 19100
19-12-2014 19400
18-12-2014 19200
17-12-2014 19460
16-12-2014 20355
15-12-2014 20380
12-12-2014 20425
11-12-2014 20370
10-12-2014 20470
09-12-2014 20390
08-12-2014 20305
05-12-2014 20260
04-12-2014 20415
03-12-2014 20455
02-12-2014 20250
01-12-2014 20135
Nickel
Date(Fix.) ($/MT)
Average 15918.57
31-12-2014 14935
30-12-2014 14855
29-12-2014 15110
24-12-2014 15275
23-12-2014 15380
22-12-2014 15630
19-12-2014 15350
18-12-2014 15505
17-12-2014 15430
16-12-2014 16130
15-12-2014 16660
12-12-2014 16335
11-12-2014 16150
10-12-2014 16425
09-12-2014 16255
08-12-2014 16555
05-12-2014 16825
04-12-2014 16780
03-12-2014 16325
02-12-2014 16175
01-12-2014 16205
Cobalt
Date(Fix.) ($/MT)
Average 31491.43
31-12-2014 31840
30-12-2014 31500
29-12-2014 31500
24-12-2014 31300
23-12-2014 31300
22-12-2014 31000
19-12-2014 31180
18-12-2014 30500
17-12-2014 31600
16-12-2014 31600
15-12-2014 31800
12-12-2014 32500
11-12-2014 31600
10-12-2014 32500
09-12-2014 32500
08-12-2014 31500
05-12-2014 31500
04-12-2014 31200
03-12-2014 30900
02-12-2014 31000
01-12-2014 31000