Monthly Metal Review

Overview

The World Bank rattled commodities and equities markets by lowering its 2015 world economic-growth projection to 3 from 3.4 percent. It forecast China growth at 7.1 percent. It said India’s economy should jump from 2014’s 5.6-percent growth to 6.4-percent expansion this year and edge past China in 2017. Projected 2015 euro-area expansion was 1.1 percent, up from 2014’s 0.8 percent.

The International Monetary Fund lowered global economic-growth forecasts to 3.5-percent this year and 3.7-percent in 2016, cutting 0.3 points for each year. The U.S. was an economic bright spot, with projected 2015 growth hiked to 3.6 percent from 3.1 and largely offsetting euro-area weakness.

The European Central Bank unveiled an aggressive stimulus programme to counter Eurozone stagnation. It will buy €60 billion (US$70 billion) in mostly government bonds monthly from March 2015 through September, 2016, pumping €1 trillion (US$1.16 trillion) in new money into the Eurozone. The ECB wants a lower euro and higher managed inflation to spur deflation-killing economic activity. QE arrived despite German reservations. Central banks will assume 80 percent of credit risk. As a result, the euro skidded to a near 11 year low at 1.12 against the dollar.

Greece's left-wing Syriza party won elections but despite its anti-austerity measure and concerns on Greece's willingness to fully repay its EUR 315bn debt, European markets did not panic.

China’s President Xi Jinping pledged US$250 billion in investment in Latin America for 10 years. Xi said two-way trade between China and Latin America should reach US$500 billion by 2025.

Moody’s Investor Service lowered its base-metals-industry outlook to negative from stable. It blamed China’s slower economic growth, falling copper prices, and Europe’s weakness. It said U.S. strength was not enough to overcome weakness elsewhere. Tightened credit and reduced infrastructure spending contributed.

The U.S. added 252,000 jobs in December; the best since 1999. The unemployment rate fell to 5.6 percent from 5.8. Wages, however, were stagnant. Hourly earnings rose just 1.7 percent in a year; barely ahead of inflation’s 1.3-percent rate.

U.S. industrial output rose by a healthy 4.3 percent in 2014. U.S. single-family housing starts jumped 7.2 percent in December to a seasonally adjusted annual pace of 728,000. Total housing starts climbed 4.4 percent to a 1.09-million pace.

U.S. retail sales fell 0.9 percent in December after a 0.4-percent increase in November.

UK inflation tumbled in December to a 0.5-percent rate from November’s 1 percent.

British carmakers reported their best December in a decade. They produced 109,000 vehicles; up 27 percent on-year. It was the strongest year since 2007, with more than 1.5 million cars produced in 2014. The yearly figure rose 1.2 percent on-year despite weakness in some export markets.

Still, December manufacturing was slower than expected, primarily on fewer non-UK orders. A Markit Purchasing Managers’ Index fell on-month to 52.5 from 53.3.

Daily Prices

January 2015

Copper
Date(Fix.) ($/MT)
Average 5815.83
30-01-2015 5505
29-01-2015 5390.5
28-01-2015 5485.5
27-01-2015 5557
26-01-2015 5490
23-01-2015 5581
22-01-2015 5742
21-01-2015 5630.5
20-01-2015 5760.5
19-01-2015 5671
16-01-2015 5660
15-01-2015 5719
14-01-2015 5627
13-01-2015 5915
12-01-2015 6131
09-01-2015 6151
08-01-2015 6230.5
07-01-2015 6170
06-01-2015 6191
05-01-2015 6216
02-01-2015 6309
Silver
Date(Fix.) ($/OZ)
Average 17.10
30-01-2015 16.92
29-01-2015 17.43
28-01-2015 18.01
27-01-2015 17.87
26-01-2015 17.83
23-01-2015 18.23
22-01-2015 18.08
21-01-2015 18.22
20-01-2015 17.8
19-01-2015 17.65
16-01-2015 16.92
15-01-2015 17.12
14-01-2015 16.64
13-01-2015 17
12-01-2015 16.52
09-01-2015 16.24
08-01-2015 16.37
07-01-2015 16.33
06-01-2015 16.29
05-01-2015 15.88
02-01-2015 15.71
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1249.33
30-01-2015 1263.5
29-01-2015 1275.5
28-01-2015 1287
27-01-2015 1279
26-01-2015 1282.75
23-01-2015 1293.5
22-01-2015 1287
21-01-2015 1298
20-01-2015 1292.25
19-01-2015 1275.5
16-01-2015 1258.25
15-01-2015 1235.25
14-01-2015 1228.75
13-01-2015 1239
12-01-2015 1222
09-01-2015 1211.25
08-01-2015 1206.5
07-01-2015 1213.75
06-01-2015 1211
05-01-2015 1192
02-01-2015 1184.25
Date(Fix.) ($/OZ)
Average 1250.59
30-01-2015 1261.875
29-01-2015 1272.125
28-01-2015 1287.5
27-01-2015 1283.75
26-01-2015 1282
23-01-2015 1294.125
22-01-2015 1291.375
21-01-2015 1295.75
20-01-2015 1290.5
19-01-2015 1274.625
16-01-2015 1267.875
15-01-2015 1247.125
14-01-2015 1231.875
13-01-2015 1235.25
12-01-2015 1224.25
09-01-2015 1214.5
08-01-2015 1211
07-01-2015 1212.125
06-01-2015 1210.625
05-01-2015 1196
02-01-2015 1178.125
Date(Fix.) ($/OZ)
Average 1251.85
30-01-2015 1260.25
29-01-2015 1268.75
28-01-2015 1288
27-01-2015 1288.5
26-01-2015 1281.25
23-01-2015 1294.75
22-01-2015 1295.75
21-01-2015 1293.5
20-01-2015 1288.75
19-01-2015 1273.75
16-01-2015 1277.5
15-01-2015 1259
14-01-2015 1235
13-01-2015 1231.5
12-01-2015 1226.5
09-01-2015 1217.75
08-01-2015 1215.5
07-01-2015 1210.5
06-01-2015 1210.25
05-01-2015 1200
02-01-2015 1172
Lead
Date(Fix.) ($/MT)
Average 1829.17
30-01-2015 1843.5
29-01-2015 1827
28-01-2015 1853.5
27-01-2015 1844
26-01-2015 1845
23-01-2015 1831
22-01-2015 1881.5
21-01-2015 1862
20-01-2015 1875.5
19-01-2015 1827.5
16-01-2015 1766.5
15-01-2015 1771
14-01-2015 1745
13-01-2015 1800.5
12-01-2015 1831
09-01-2015 1826
08-01-2015 1853
07-01-2015 1820
06-01-2015 1831
05-01-2015 1833
02-01-2015 1845
Zinc
Date(Fix.) ($/MT)
Average 2110.64
30-01-2015 2111.5
29-01-2015 2078.5
28-01-2015 2112
27-01-2015 2131
26-01-2015 2090.5
23-01-2015 2106.5
22-01-2015 2144
21-01-2015 2090.5
20-01-2015 2098
19-01-2015 2068.5
16-01-2015 2056.5
15-01-2015 2038
14-01-2015 2021
13-01-2015 2083
12-01-2015 2129
09-01-2015 2150.5
08-01-2015 2160
07-01-2015 2145.5
06-01-2015 2170.5
05-01-2015 2155
02-01-2015 2183.5
Tin
Date(Fix.) ($/MT)
Average 19463.10
30-01-2015 19250
29-01-2015 19075
28-01-2015 19450
27-01-2015 19575
26-01-2015 19500
23-01-2015 19510
22-01-2015 19580
21-01-2015 19125
20-01-2015 19425
19-01-2015 19280
16-01-2015 19325
15-01-2015 19460
14-01-2015 19400
13-01-2015 19555
12-01-2015 19525
09-01-2015 19650
08-01-2015 19750
07-01-2015 19680
06-01-2015 19560
05-01-2015 19650
02-01-2015 19400
Nickel
Date(Fix.) ($/MT)
Average 14770.95
30-01-2015 14785
29-01-2015 14705
28-01-2015 14930
27-01-2015 14675
26-01-2015 14375
23-01-2015 14405
22-01-2015 14720
21-01-2015 14770
20-01-2015 14540
19-01-2015 14400
16-01-2015 14360
15-01-2015 14570
14-01-2015 14250
13-01-2015 14780
12-01-2015 14955
09-01-2015 15435
08-01-2015 15330
07-01-2015 15455
06-01-2015 15285
05-01-2015 14585
02-01-2015 14880
Cobalt
Date(Fix.) ($/MT)
Average 31112.86
30-01-2015 29650
29-01-2015 29850
28-01-2015 30000
27-01-2015 30550
26-01-2015 30550
23-01-2015 30550
22-01-2015 30800
21-01-2015 31000
20-01-2015 31000
19-01-2015 31400
16-01-2015 31400
15-01-2015 31400
14-01-2015 31400
13-01-2015 31400
12-01-2015 31700
09-01-2015 31800
08-01-2015 31800
07-01-2015 31880
06-01-2015 31880
05-01-2015 31680
02-01-2015 31680