Monthly Metal Review

Overview

China’s State Reserve Bureau (SRB) reportedly plans to buy 450,000 tonnes of domestic copper and nickel against the sharp fall in prices, aimed at ab-sorbing excess supply. The commodity-stockpiling agency said it will buy some 300,000 tonnes of copper and 150,000 tonnes of nickel.
The IMF predicted a gradually improving world economy despite stormy early-year markets. It said uneven global growth will likely go from 2015’s 3.1 percent to 3.4 percent this year and 3.6 percent in 2017. The updated forecasts were revised down 0.2 percentage points. Still, China’s growth is expected to slow from 2015’s 6.9 percent to 6.3 percent this year. The fund also warned of risk of another financial crisis if January’s dark mood were to continue
Bank of England Governor Mark Carney said interest rates are likely to stay at their historic lows longer than expected. Cheap oil and a downbeat out-look mean inflation will take longer to reach the Bank's 2-percent target, he said. Bank policymakers again kept key interest rates at 0.5 percent. The bank said it expects only a slight drag on inflation from a renewed drop in global oil prices. But, based on a downbeat tone among businesses, the bank expects slower-than-forecast early-year economic growth. The UK’s manufacturing sector shrank and sterling dropped to a 5.5-year low against the U.S. dollar. Manufacturing output fell by 1.2 percent in Novem-ber on-year, compared to a 0.7 percent fall in the
wider industrial sector.
The U.S. economy added a solid 292,000 jobs in December, whilst the unemployment rate re-mained at 5 percent. Job-gains figures for the previ-ous two months were revised sharply upward. The labor market's resilience could influence Fed poli-cymakers to hike interest rates in March, but finan-cial-market turmoil and low inflation could delay another rise. Wages were little changed, something likely to be noted by the Federal Reserve. Average hourly earnings increased by a lower-than-expected 2.5 percent. The U.S. economy added 2.65 million jobs in 2015.
After the New Year’s holiday, disappointing factory-sector data prompted a sell-off that sent Chinese equities markets down. It rippled from Chi-na, inflamed by new tensions between Iran and Sau-di Arabia, and spread to Europe and the U.S. Mar-kets suffered.
Spurred by lower prices and opportunistic buying, China’s copper imports were close to the record of 2014. They fell just 0.3 percent on-year, but the total dollar value of imports fell 18.4 per-cent.

Daily Prices

January 2016

Copper
Date(Fix.) ($/MT)
Average 4462.75
29-01-2016 4541.5
28-01-2016 4553.5
27-01-2016 4507.5
26-01-2016 4501
25-01-2016 4454
22-01-2016 4468
21-01-2016 4376
20-01-2016 4347
19-01-2016 4440.5
18-01-2016 4360
15-01-2016 4310.5
14-01-2016 4365.5
13-01-2016 4380
12-01-2016 4355
11-01-2016 4402.5
08-01-2016 4486.5
07-01-2016 4514
06-01-2016 4600
05-01-2016 4647
04-01-2016 4645
Silver
Date(Fix.) ($/OZ)
Average 14.02
29-01-2016 14.08
28-01-2016 13.58
27-01-2016 14.38
26-01-2016 14.33
25-01-2016 14.22
22-01-2016 14.17
21-01-2016 14.01
20-01-2016 14.05
19-01-2016 14.03
18-01-2016 13.88
15-01-2016 13.8
14-01-2016 14.02
13-01-2016 13.83
12-01-2016 13.88
11-01-2016 13.97
08-01-2016 14.04
07-01-2016 14.03
06-01-2016 14.01
05-01-2016 14.01
04-01-2016 14
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1095.66
29-01-2016 1112.9
28-01-2016 1119
27-01-2016 1116.5
26-01-2016 1114.7
25-01-2016 1103.7
22-01-2016 1097.65
21-01-2016 1096.8
20-01-2016 1093.2
19-01-2016 1087
18-01-2016 1090.45
15-01-2016 1081.1
14-01-2016 1090.75
13-01-2016 1081.8
12-01-2016 1094.85
11-01-2016 1104.7
08-01-2016 1097.45
07-01-2016 1096
06-01-2016 1083.85
05-01-2016 1078
04-01-2016 1072.7
Date(Fix.) ($/OZ)
Average 1096.52
29-01-2016 1112.35
28-01-2016 1116.5
27-01-2016 1116.375
26-01-2016 1114.15
25-01-2016 1105.15
22-01-2016 1096.95
21-01-2016 1096.65
20-01-2016 1097.475
19-01-2016 1086.625
18-01-2016 1089.825
15-01-2016 1087.425
14-01-2016 1089.575
13-01-2016 1084.975
12-01-2016 1090.125
11-01-2016 1102.725
08-01-2016 1099.65
07-01-2016 1101.175
06-01-2016 1087.625
05-01-2016 1077.5
04-01-2016 1077.475
Date(Fix.) ($/OZ)
Average 1097.38
29-01-2016 1111.8
28-01-2016 1114
27-01-2016 1116.25
26-01-2016 1113.6
25-01-2016 1106.6
22-01-2016 1096.25
21-01-2016 1096.5
20-01-2016 1101.75
19-01-2016 1086.25
18-01-2016 1089.2
15-01-2016 1093.75
14-01-2016 1088.4
13-01-2016 1088.15
12-01-2016 1085.4
11-01-2016 1100.75
08-01-2016 1101.85
07-01-2016 1106.35
06-01-2016 1091.4
05-01-2016 1077
04-01-2016 1082.25
Lead
Date(Fix.) ($/MT)
Average 1646.95
29-01-2016 1711.5
28-01-2016 1669.5
27-01-2016 1655.5
26-01-2016 1639
25-01-2016 1628.5
22-01-2016 1665.5
21-01-2016 1615.5
20-01-2016 1611
19-01-2016 1638
18-01-2016 1608.5
15-01-2016 1612
14-01-2016 1630
13-01-2016 1610
12-01-2016 1597
11-01-2016 1602
08-01-2016 1647
07-01-2016 1613
06-01-2016 1695
05-01-2016 1728.5
04-01-2016 1762
Zinc
Date(Fix.) ($/MT)
Average 1512.20
29-01-2016 1610
28-01-2016 1584.5
27-01-2016 1597.5
26-01-2016 1552
25-01-2016 1514.5
22-01-2016 1527
21-01-2016 1473
20-01-2016 1482
19-01-2016 1523
18-01-2016 1472.5
15-01-2016 1470
14-01-2016 1481.5
13-01-2016 1461
12-01-2016 1453.5
11-01-2016 1470
08-01-2016 1478.5
07-01-2016 1477
06-01-2016 1515
05-01-2016 1547.5
04-01-2016 1554
Tin
Date(Fix.) ($/MT)
Average 13777.25
29-01-2016 14875
28-01-2016 13950
27-01-2016 14100
26-01-2016 13950
25-01-2016 13750
22-01-2016 13625
21-01-2016 13400
20-01-2016 13550
19-01-2016 13330
18-01-2016 13235
15-01-2016 13375
14-01-2016 13255
13-01-2016 13310
12-01-2016 13500
11-01-2016 13580
08-01-2016 13950
07-01-2016 13850
06-01-2016 14050
05-01-2016 14350
04-01-2016 14560
Nickel
Date(Fix.) ($/MT)
Average 8483.00
29-01-2016 8545
28-01-2016 8570
27-01-2016 8655
26-01-2016 8545
25-01-2016 8555
22-01-2016 8725
21-01-2016 8505
20-01-2016 8565
19-01-2016 8680
18-01-2016 8500
15-01-2016 8380
14-01-2016 8350
13-01-2016 8260
12-01-2016 8180
11-01-2016 8310
08-01-2016 8405
07-01-2016 8315
06-01-2016 8480
05-01-2016 8620
04-01-2016 8515
Cobalt
Date(Fix.) ($/MT)
Average 23384.50
29-01-2016 21710
28-01-2016 22010
27-01-2016 22060
26-01-2016 22010
25-01-2016 22100
22-01-2016 22900
21-01-2016 23000
20-01-2016 24000
19-01-2016 24000
18-01-2016 23990
15-01-2016 23990
14-01-2016 23990
13-01-2016 23990
12-01-2016 23990
11-01-2016 23990
08-01-2016 23990
07-01-2016 23990
06-01-2016 23990
05-01-2016 23990
04-01-2016 24000