Monthly Metal Review

Overview

Indonesia’s government is to review and likely modify tough export restrictions on unprocessed ores, including copper, zinc, and nickel. Rules requiring min-ers to build domestic smelters were to add local value. Some smelters could be 2016-ready, but some nickel and bauxite miners shelved smelter projects on low prices. Meanwhile, restrictions cost billions in lost rev-enue.
BHP said it is preparing for a copper market in surplus until the end of the decade. It is to cut costs by another US$2.1billion this year and slash capital ex-penditure by US$3.5 billion in 2016 and 2017.
The Chamber of Mines in the Democratic Re-public of Congo, Africa’s leading copper and cobalt producer, said domestic 2015 copper production fell by 3.3 percent on-year to 995,805 tonnes, largely on a mines cutback in Katanga province. DRC is the world's largest cobalt producer.
Argentina eliminated its 5-percent tax on mining exports. The move will create a yearly US$223-million tax-revenue loss but save that for businesses. Mineral exports top US$4 billion annually.
Following a weak start to the year, oil prices re-mained low during the month of February, reaching a three week high at $ 37 at the end of the month. Con-cerns still surround the mining industry due to the strong price correlation.
The UK government is refusing to make any contingency plans in case the British people vote for Brexit, despite the campaign to leave the European Union having a four-point poll lead.
The Bank of England cut its 2016 UK eco-nomic-growth forecast from 2.5 percent to 2.2 per-cent. It lowered the 2017 forecast to 2.3-percent growth, down from 2.6. Policymakers kept interest rates at 0.5 percent. BoE said key rates will likely rise within two years, but economists said global-growth concerns and equities-market turbulence could keep rates low through 2019.
The Eurozone economy grew by an annual 1.1-percent rate in 2015’s final quarter. But unemployment was 10.4 percent. Italy’s recovery is faint;
Greece returned to recession. Still, Germany’s final-quarter growth was a modest-but-steady 0.3 percent, bringing 2015 growth to 1.7 percent, even as December industrial output fell by 1.2 percent on-month. Fourth-quarter industrial orders rose, indicat-ing early-this-year expansion.
India jumped past China as the fastest-growing major economy, expanding in 2015 by an average 7.5-percent rate, beating China’s 6.9 percent. Delhi statis-ticians predict 7.6-percent growth for the fiscal year ending in March.
China’s manufacturing-sector activity shrank for a sixth month in January. The official PMI fell to 49.4, against December's 49.7.
China’s steel industry shrank last year for the first time since 1981. Rawsteel output fell by 2.3 per-cent. But China’s January vehicle sales rose 7.7 per-cent.

Daily Prices

February 2016

Copper
Date(Fix.) ($/MT)
Average 4595.48
29-02-2016 4705
26-02-2016 4681
25-02-2016 4655
24-02-2016 4585.5
23-02-2016 4663.5
22-02-2016 4696
19-02-2016 4590
18-02-2016 4577
17-02-2016 4562
16-02-2016 4583.5
15-02-2016 4562
12-02-2016 4488.5
11-02-2016 4474
10-02-2016 4507
09-02-2016 4530.5
08-02-2016 4572.5
05-02-2016 4669
04-02-2016 4685
03-02-2016 4578.5
02-02-2016 4605.5
01-02-2016 4534
Silver
Date(Fix.) ($/OZ)
Average 15.07
29-02-2016 14.75
26-02-2016 15.17
25-02-2016 15.16
24-02-2016 15.32
23-02-2016 15.21
22-02-2016 15
19-02-2016 15.37
18-02-2016 15.25
17-02-2016 15.25
16-02-2016 15.35
15-02-2016 15.26
12-02-2016 15.64
11-02-2016 15.65
10-02-2016 15.12
09-02-2016 15.34
08-02-2016 14.94
05-02-2016 14.91
04-02-2016 14.74
03-02-2016 14.41
02-02-2016 14.26
01-02-2016 14.33
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1194.89
29-02-2016 1234.15
26-02-2016 1231
25-02-2016 1235.4
24-02-2016 1232.25
23-02-2016 1218.75
22-02-2016 1203.65
19-02-2016 1221.5
18-02-2016 1204.4
17-02-2016 1202.4
16-02-2016 1212
15-02-2016 1208.45
12-02-2016 1239.5
11-02-2016 1223.25
10-02-2016 1183.4
09-02-2016 1188.9
08-02-2016 1173.4
05-02-2016 1158.5
04-02-2016 1146.25
03-02-2016 1130
02-02-2016 1123.6
01-02-2016 1122
Date(Fix.) ($/OZ)
Average 1197.40
29-02-2016 1234.525
26-02-2016 1228.75
25-02-2016 1235.7
24-02-2016 1241.5
23-02-2016 1220.05
22-02-2016 1207.325
19-02-2016 1226.325
18-02-2016 1207.25
17-02-2016 1206.2
16-02-2016 1210.75
15-02-2016 1208.325
12-02-2016 1239.625
11-02-2016 1232.125
10-02-2016 1186.7
09-02-2016 1189.95
08-02-2016 1183.325
05-02-2016 1154.425
04-02-2016 1151.3
03-02-2016 1131
02-02-2016 1126.05
01-02-2016 1124.25
Date(Fix.) ($/OZ)
Average 1199.91
29-02-2016 1234.9
26-02-2016 1226.5
25-02-2016 1236
24-02-2016 1250.75
23-02-2016 1221.35
22-02-2016 1211
19-02-2016 1231.15
18-02-2016 1210.1
17-02-2016 1210
16-02-2016 1209.5
15-02-2016 1208.2
12-02-2016 1239.75
11-02-2016 1241
10-02-2016 1190
09-02-2016 1191
08-02-2016 1193.25
05-02-2016 1150.35
04-02-2016 1156.35
03-02-2016 1132
02-02-2016 1128.5
01-02-2016 1126.5
Lead
Date(Fix.) ($/MT)
Average 1771.57
29-02-2016 1777.5
26-02-2016 1714
25-02-2016 1708
24-02-2016 1689.5
23-02-2016 1718
22-02-2016 1757.5
19-02-2016 1733
18-02-2016 1710.5
17-02-2016 1750
16-02-2016 1821.5
15-02-2016 1854
12-02-2016 1845
11-02-2016 1827
10-02-2016 1830
09-02-2016 1827
08-02-2016 1774
05-02-2016 1789
04-02-2016 1818
03-02-2016 1768
02-02-2016 1775.5
01-02-2016 1716
Zinc
Date(Fix.) ($/MT)
Average 1710.83
29-02-2016 1785
26-02-2016 1741
25-02-2016 1762
24-02-2016 1727
23-02-2016 1754.5
22-02-2016 1785.5
19-02-2016 1734
18-02-2016 1669
17-02-2016 1664
16-02-2016 1679
15-02-2016 1688.5
12-02-2016 1712
11-02-2016 1722
10-02-2016 1712
09-02-2016 1713
08-02-2016 1681
05-02-2016 1715.5
04-02-2016 1708.5
03-02-2016 1683.5
02-02-2016 1675.5
01-02-2016 1615
Tin
Date(Fix.) ($/MT)
Average 15654.29
29-02-2016 16295
26-02-2016 16125
25-02-2016 16225
24-02-2016 16145
23-02-2016 16275
22-02-2016 15980
19-02-2016 15950
18-02-2016 15840
17-02-2016 15850
16-02-2016 15405
15-02-2016 15400
12-02-2016 15300
11-02-2016 15600
10-02-2016 15855
09-02-2016 15775
08-02-2016 15675
05-02-2016 15225
04-02-2016 15170
03-02-2016 14845
02-02-2016 14945
01-02-2016 14860
Nickel
Date(Fix.) ($/MT)
Average 8309.52
29-02-2016 8420
26-02-2016 8410
25-02-2016 8500
24-02-2016 8520
23-02-2016 8675
22-02-2016 8695
19-02-2016 8340
18-02-2016 8305
17-02-2016 8240
16-02-2016 8270
15-02-2016 8120
12-02-2016 7720
11-02-2016 7710
10-02-2016 8040
09-02-2016 8100
08-02-2016 8055
05-02-2016 8485
04-02-2016 8545
03-02-2016 8440
02-02-2016 8460
01-02-2016 8450
Cobalt
Date(Fix.) ($/MT)
Average 22382.38
29-02-2016 22850
26-02-2016 22400
25-02-2016 22100
24-02-2016 21850
23-02-2016 22100
22-02-2016 22500
19-02-2016 22750
18-02-2016 22750
17-02-2016 22650
16-02-2016 22500
15-02-2016 22000
12-02-2016 22305
11-02-2016 22200
10-02-2016 22500
09-02-2016 22505
08-02-2016 22610
05-02-2016 22830
04-02-2016 22415
03-02-2016 22305
02-02-2016 22205
01-02-2016 21705