Monthly Metal Review

Overview

Peru’s heavy rains and mudslides were blamed for more than 72 deaths, whilst over 800 municipalities declared states of emergency. The government coordi-nated with mining companies after flooding disrupted rail shipping from central Peru to Pacific-coast ports. Zinc, copper and lead miners Milpo and Volcan de-clared force majeure. Votorantim suspended opera-tions at its zinc smelter in Cajamarquilla. Buenaventura stockpiled zinc concentrates at its El Brocal zinc-copper mine in the central Andes as it waitedsss for rail repairs. Philippine President Rodrigo Duterte threatened to stop all mining in the world's biggest nickel-ore exporter. Duterte accused miners of funding efforts to destabilise his government. Analysts discounted the threat, but Manila is considering a ban on unpro-cessed-mineral exports to encourage domestic pro-cessing. The U.S. Federal Reserve raised its benchmark interest rate for the second time in three months, to between 0.75 and 1 percent. Policymakers pencilled in two more quarter-point hikes this year and three in 2018. They forecast inflation will reach 1.9 percent in the fourth quarter and 2 percent in 2018 and 2019, and said the economy is expanding at a moderate pace. The U.S. economy added 235,000 jobs in February, clearing the way for the interest-rate rise. The unemployment rate fell to 4.7 percent from January’s 4.8. Average hourly wages rose 2.8 percent over the last 12 months. Bank of England policymakers kept interest rates at 0.25 percent. An unexpected February inflation-rate jump to 2.3 percent from January’s 1.8 boosted pres-sure to raise rates in May. Eurozone inflation reached 2 percent in Febru-ary, topping the European Central Bank’s target of just below 2 percent. Inflation rose from January’s 1.8 percent. The ECB has said it will extend its bond-buying programme until at least December, although the €80-billion-a-month QE scheme will be trimmed to €60 billion monthly from April. The ECB raised its Eurozone economic-growth forecast to 1.8 percent this year and to 1.7 percent for 2018. ECB President Mario Draghi said deflation risks have largely disap-peared whilst the Eurozone-growth outlook is more optimistic. China trimmed this year’s growth target to 6.5 percent, dropping from 2016’s 6.5-to-7-percent target. Still, China’s banking system passed the Euro-zone’s to be the world’s largest by assets. China’s GDP passed the EU’s economic bloc in 2011. Its banks have caught up, helped by a lending explosion. Three of the world’s four largest banks by assets are Chinese. Assets of China’s banking system were US$33 trillion at the end of 2016, more than the Eu-rozone’s US$31 trillion and more than double the U.S.’ US$16 trillion.

Daily Prices

March 2017

Copper
Date(Fix.) ($/MT)
Average 5821.52
31-03-2017 5849
30-03-2017 5860
29-03-2017 5847
28-03-2017 5774.5
27-03-2017 5673.5
24-03-2017 5782.5
23-03-2017 5790.5
22-03-2017 5712
21-03-2017 5765.5
20-03-2017 5891
17-03-2017 5889
16-03-2017 5911
15-03-2017 5850
14-03-2017 5747
13-03-2017 5794
10-03-2017 5714.5
09-03-2017 5655
08-03-2017 5782
07-03-2017 5807
06-03-2017 5856
03-03-2017 5910
02-03-2017 5994
01-03-2017 6040
Silver
Date(Fix.) ($/OZ)
Average 17.59
31-03-2017 18.06
30-03-2017 18.1
29-03-2017 18.13
28-03-2017 17.94
27-03-2017 17.94
24-03-2017 17.63
23-03-2017 17.55
22-03-2017 17.58
21-03-2017 17.31
20-03-2017 17.23
17-03-2017 17.4
16-03-2017 17.46
15-03-2017 16.91
14-03-2017 17
13-03-2017 17.02
10-03-2017 16.89
09-03-2017 17.14
08-03-2017 17.4
07-03-2017 17.7
06-03-2017 17.81
03-03-2017 17.66
02-03-2017 18.33
01-03-2017 18.33
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1231.06
31-03-2017 1241.7
30-03-2017 1250.9
29-03-2017 1252.9
28-03-2017 1253.65
27-03-2017 1256.9
24-03-2017 1244
23-03-2017 1247.9
22-03-2017 1246.1
21-03-2017 1232.05
20-03-2017 1233
17-03-2017 1228.75
16-03-2017 1225.6
15-03-2017 1202.25
14-03-2017 1203.55
13-03-2017 1207.8
10-03-2017 1196.55
09-03-2017 1204.6
08-03-2017 1213.3
07-03-2017 1223.7
06-03-2017 1231.15
03-03-2017 1228.75
02-03-2017 1243.3
01-03-2017 1246.05
Date(Fix.) ($/OZ)
Average 1231.08
31-03-2017 1243.275
30-03-2017 1249.85
29-03-2017 1252
28-03-2017 1255.45
27-03-2017 1257.225
24-03-2017 1245.75
23-03-2017 1247.7
22-03-2017 1247.575
21-03-2017 1236.825
20-03-2017 1232.7
17-03-2017 1229.175
16-03-2017 1227.475
15-03-2017 1200.525
14-03-2017 1204.075
13-03-2017 1206
10-03-2017 1199.6
09-03-2017 1205.575
08-03-2017 1211.25
07-03-2017 1220.175
06-03-2017 1231.05
03-03-2017 1227.625
02-03-2017 1240.7
01-03-2017 1243.225
Date(Fix.) ($/OZ)
Average 1231.09
31-03-2017 1244.85
30-03-2017 1248.8
29-03-2017 1251.1
28-03-2017 1257.25
27-03-2017 1257.55
24-03-2017 1247.5
23-03-2017 1247.5
22-03-2017 1249.05
21-03-2017 1241.6
20-03-2017 1232.4
17-03-2017 1229.6
16-03-2017 1229.35
15-03-2017 1198.8
14-03-2017 1204.6
13-03-2017 1204.2
10-03-2017 1202.65
09-03-2017 1206.55
08-03-2017 1209.2
07-03-2017 1216.65
06-03-2017 1230.95
03-03-2017 1226.5
02-03-2017 1238.1
01-03-2017 1240.4
Lead
Date(Fix.) ($/MT)
Average 2277.30
31-03-2017 2310
30-03-2017 2340
29-03-2017 2308
28-03-2017 2308
27-03-2017 2305
24-03-2017 2346
23-03-2017 2363
22-03-2017 2319
21-03-2017 2284
20-03-2017 2280.5
17-03-2017 2260
16-03-2017 2267
15-03-2017 2217
14-03-2017 2210.5
13-03-2017 2284.5
10-03-2017 2258
09-03-2017 2227
08-03-2017 2240
07-03-2017 2220
06-03-2017 2223
03-03-2017 2247.5
02-03-2017 2273
01-03-2017 2287
Zinc
Date(Fix.) ($/MT)
Average 2781.74
31-03-2017 2782.5
30-03-2017 2833
29-03-2017 2809
28-03-2017 2765
27-03-2017 2759
24-03-2017 2804.5
23-03-2017 2816
22-03-2017 2817.5
21-03-2017 2857.5
20-03-2017 2860.5
17-03-2017 2847
16-03-2017 2836
15-03-2017 2752
14-03-2017 2697
13-03-2017 2745
10-03-2017 2697.5
09-03-2017 2655.5
08-03-2017 2701
07-03-2017 2702
06-03-2017 2729.5
03-03-2017 2796
02-03-2017 2845
01-03-2017 2872
Tin
Date(Fix.) ($/MT)
Average 19831.52
31-03-2017 20100
30-03-2017 20075
29-03-2017 20075
28-03-2017 19925
27-03-2017 19550
24-03-2017 20100
23-03-2017 20375
22-03-2017 20475
21-03-2017 20575
20-03-2017 20530
17-03-2017 20450
16-03-2017 20175
15-03-2017 20070
14-03-2017 19700
13-03-2017 19305
10-03-2017 19300
09-03-2017 19225
08-03-2017 19430
07-03-2017 19345
06-03-2017 19215
03-03-2017 19425
02-03-2017 19330
01-03-2017 19375
Nickel
Date(Fix.) ($/MT)
Average 10230.43
31-03-2017 9875
30-03-2017 9935
29-03-2017 9915
28-03-2017 9740
27-03-2017 9710
24-03-2017 9920
23-03-2017 9915
22-03-2017 9950
21-03-2017 10105
20-03-2017 10060
17-03-2017 10200
16-03-2017 10290
15-03-2017 10185
14-03-2017 10090
13-03-2017 10145
10-03-2017 10030
09-03-2017 10100
08-03-2017 10520
07-03-2017 10920
06-03-2017 10895
03-03-2017 10900
02-03-2017 10900
01-03-2017 11000
Cobalt
Date(Fix.) ($/MT)
Average 52995.65
31-03-2017 54600
30-03-2017 55250
29-03-2017 55000
28-03-2017 54000
27-03-2017 54000
24-03-2017 54000
23-03-2017 54250
22-03-2017 54250
21-03-2017 53000
20-03-2017 53000
17-03-2017 53000
16-03-2017 53500
15-03-2017 53500
14-03-2017 53250
13-03-2017 52500
10-03-2017 52500
09-03-2017 52500
08-03-2017 51100
07-03-2017 51000
06-03-2017 51100
03-03-2017 51100
02-03-2017 51250
01-03-2017 51250