Monthly Metal Review

Overview

The International Monetary Fund trimmed its Eurozone economic-growth forecasts in light of the UK's leave vote, predicting EU growth of 1.6 percent in 2016 and 1.4 percent next year. That replaced its pre-Brexit forecast of 1.7-percent growth for both years. It said medium-term growth prospects for the bloc were mediocre on high unemployment and debt.
U.S. employers added a robust 287,000 new jobs in June, the largest monthly jobs expansion since last October. It also quashed concerns that domestic job growth was weakening on Brexit fears and a weaker May jobs report.
Nickel and zinc rallied to multi-month highs. On the LME, nickel hit an 8-month high; zinc reached its best in 14 months. Analysts credited-Philippines nickel-crackdown fears, a weaker dollar and Chinese-government stimuli that sparked infrastructure and transport sectors. The global zinc-market deficit was 68,700 tonnes in the first five months of 2016, the International Lead and Zinc Study Group said.
Freeport Indonesia faces an 8 August expiration of its copper-concentrate export permit. The local arm of Arizona-based Freeport McMoRan, Freeport Indo-nesia has asked the Jakarta government for another six-month export permit. Permits, to be renewable until 2017 when a full ore-export ban is to start, were in-tended to spur on-shore metals processing. Exporters pay higher taxes and royalties for shipments resump-tion and must show progress in developing local smelters.
The London Metal Exchange said it will cap metal-storage charges that licensed warehouses can levy. Critics have alleged that long queues distorted prices. The LME said it will limit maximum rental rates for five years, beginning in April 2017. It will set a maximum from the average of the highest pub-lished rates for each metal and country. That would hold for five years, then be updated yearly based on each country’s consumer price index.
In order to support potential restart of the La Oroya smelter, not in operation currently, the new president of Peru might consider adjusting the air-quality regulation. It closed in 2009 amid pollution and financing troubles and faces 27 August liquidation unless a buyer is found. President Pedro Kuszynski said Peru’s mining exports could see a 25-percent value boost from more smelting and refining capacity.
The new Philippines government began audit-ing mines and froze new-project approvals. Two mines in Zambales province were suspended, as were Berong Nickel Palawan operations and others. Goldman Sachs said a quarter of Philippines nickel-mine output will be lost from the market for six months.

Daily Prices

July 2016

Copper
Date(Fix.) ($/MT)
Average 4855.79
29-07-2016 4853
28-07-2016 4862
27-07-2016 4869.5
26-07-2016 4862
25-07-2016 4920
22-07-2016 4956
21-07-2016 4953.5
20-07-2016 4900.5
19-07-2016 4938
18-07-2016 4839
15-07-2016 4945.5
14-07-2016 4911.5
13-07-2016 4918.5
12-07-2016 4811.5
11-07-2016 4746
08-07-2016 4710
07-07-2016 4725
06-07-2016 4706
05-07-2016 4840.5
04-07-2016 4920
01-07-2016 4783.5
Silver
Date(Fix.) ($/OZ)
Average 19.93
29-07-2016 20.04
28-07-2016 20.41
27-07-2016 19.58
26-07-2016 19.68
25-07-2016 19.41
22-07-2016 19.7
21-07-2016 19.34
20-07-2016 19.7
19-07-2016 19.99
18-07-2016 19.72
15-07-2016 20.14
14-07-2016 20.25
13-07-2016 20.29
12-07-2016 20.35
11-07-2016 20.47
08-07-2016 19.72
07-07-2016 19.95
06-07-2016 20.43
05-07-2016 19.73
04-07-2016 20.36
01-07-2016 19.24
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1337.43
29-07-2016 1332.5
28-07-2016 1341.3
27-07-2016 1320.8
26-07-2016 1321.25
25-07-2016 1315
22-07-2016 1323.2
21-07-2016 1322
20-07-2016 1325.6
19-07-2016 1332.2
18-07-2016 1326.15
15-07-2016 1330.5
14-07-2016 1325.7
13-07-2016 1340.25
12-07-2016 1352.85
11-07-2016 1358.25
08-07-2016 1356.1
07-07-2016 1367.1
06-07-2016 1370
05-07-2016 1344.75
04-07-2016 1348.75
01-07-2016 1331.75
Date(Fix.) ($/OZ)
Average 1337.38
29-07-2016 1337.25
28-07-2016 1341.525
27-07-2016 1324.9
26-07-2016 1322.125
25-07-2016 1314.075
22-07-2016 1321.975
21-07-2016 1321.575
20-07-2016 1320.75
19-07-2016 1331.55
18-07-2016 1330.425
15-07-2016 1328.75
14-07-2016 1324.65
13-07-2016 1341.5
12-07-2016 1347.625
11-07-2016 1357.675
08-07-2016 1355.175
07-07-2016 1361.9
06-07-2016 1368.125
05-07-2016 1347.75
04-07-2016 1349.75
01-07-2016 1335.875
Date(Fix.) ($/OZ)
Average 1337.33
29-07-2016 1342
28-07-2016 1341.75
27-07-2016 1329
26-07-2016 1323
25-07-2016 1313.15
22-07-2016 1320.75
21-07-2016 1321.15
20-07-2016 1315.9
19-07-2016 1330.9
18-07-2016 1334.7
15-07-2016 1327
14-07-2016 1323.6
13-07-2016 1342.75
12-07-2016 1342.4
11-07-2016 1357.1
08-07-2016 1354.25
07-07-2016 1356.7
06-07-2016 1366.25
05-07-2016 1350.75
04-07-2016 1350.75
01-07-2016 1340
Lead
Date(Fix.) ($/MT)
Average 1834.88
29-07-2016 1784
28-07-2016 1800
27-07-2016 1806
26-07-2016 1826
25-07-2016 1843
22-07-2016 1845.5
21-07-2016 1852.5
20-07-2016 1823
19-07-2016 1856
18-07-2016 1851
15-07-2016 1901
14-07-2016 1877
13-07-2016 1863
12-07-2016 1852
11-07-2016 1816
08-07-2016 1815.5
07-07-2016 1830
06-07-2016 1788
05-07-2016 1821
04-07-2016 1867
01-07-2016 1815
Zinc
Date(Fix.) ($/MT)
Average 2184.83
29-07-2016 2220
28-07-2016 2191
27-07-2016 2212
26-07-2016 2224
25-07-2016 2254.5
22-07-2016 2263
21-07-2016 2253
20-07-2016 2232
19-07-2016 2227
18-07-2016 2207.5
15-07-2016 2216
14-07-2016 2198
13-07-2016 2187
12-07-2016 2179.5
11-07-2016 2150
08-07-2016 2123
07-07-2016 2111
06-07-2016 2061.5
05-07-2016 2112
04-07-2016 2143
01-07-2016 2116.5
Tin
Date(Fix.) ($/MT)
Average 17833.10
29-07-2016 17850
28-07-2016 17850
27-07-2016 17795
26-07-2016 17775
25-07-2016 17775
22-07-2016 17800
21-07-2016 17835
20-07-2016 17675
19-07-2016 17850
18-07-2016 17950
15-07-2016 18200
14-07-2016 18000
13-07-2016 17995
12-07-2016 17835
11-07-2016 17750
08-07-2016 17725
07-07-2016 17750
06-07-2016 17550
05-07-2016 18145
04-07-2016 17970
01-07-2016 17420
Nickel
Date(Fix.) ($/MT)
Average 10251.90
29-07-2016 10445
28-07-2016 10535
27-07-2016 10360
26-07-2016 10315
25-07-2016 10440
22-07-2016 10655
21-07-2016 10665
20-07-2016 10445
19-07-2016 10555
18-07-2016 10310
15-07-2016 10360
14-07-2016 10370
13-07-2016 10290
12-07-2016 10310
11-07-2016 10090
08-07-2016 9740
07-07-2016 9810
06-07-2016 9675
05-07-2016 10085
04-07-2016 10300
01-07-2016 9535
Cobalt
Date(Fix.) ($/MT)
Average 25244.05
29-07-2016 26250
28-07-2016 26050
27-07-2016 25500
26-07-2016 25900
25-07-2016 25850
22-07-2016 25750
21-07-2016 25500
20-07-2016 25250
19-07-2016 25500
18-07-2016 25005
15-07-2016 26000
14-07-2016 25105
13-07-2016 25500
12-07-2016 25000
11-07-2016 25000
08-07-2016 25000
07-07-2016 24750
06-07-2016 24110
05-07-2016 24500
04-07-2016 24500
01-07-2016 24105