Monthly Metal Review

Overview (July 2018)

Commodity and equity markets have been on tenter hooks as U.S. President Donald Trump continues to wage his trade war against China and other trading partner, as well as escalating his rhetoric on planned oil sanctions against Iran. For now the US is threatening tariffs on $200 billion of Chinese exports to the U.S., but Trump has hinted it could go up to $500 billion if China retali-ates. The potential contagion from this is not clear, but the IMF has warned that the trade war could cost the global economy $430 billion by lowering global growth by as much as 0.5% by 2020. The Chinese yuan has depreci-ated in the face of the trade tensions, it has fallen by around 8% since the end of the first quarter, as has the euro that has fallen a similar amount to a low of 1.1508 in June, from around the 1.2500 level in the first quarter. The fact that the yuan has fallen by a similar amount to the euro, suggests Trumpís accusations that China is ma-nipulating its currency may be unjustified. China's monthly trade surplus with the U.S. hit a record high of nearly £22 billion) (US$25.74 billion) in June as exports to the U.S. remained strong. The figures came a week after trade war between the two began, with the Trump administration initially imposing tariffs on $34 billion of Chinese goods, and China retaliating. Mr Trump threatened to impose 10 percent tariffs on another $200 billion of Chinese imports. G-20 finance ministers and central bankers from the largest economies warned that escalating trade tensions were creating risks to the global economy. They said growth was firm, but tensions were creating short- and medium-term threats. The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday to mark its highest in over four and half years, boosted by stronger rates for larger vessels. The overall index, which factors in rates for capesize, pana-max and supramax shipping vessels, was up 56 points, or 3.3 percent, to 1,774 points, a peak since January 8, 2014. At the Federal Open market Committee (FOMC) meeting in June, most policy makers said trade policy risks had intensified and were concerning, but at the same time they acknowledged that the US economy was strong enough to warrant further interest rises. The International Monetary Fund has projected 3.9 percent global economic growth for 2018. But IMF Man-aging Director Christine Lagarde said global GDP could lose 0.5 percent from the trade-tariffs fight. Despite the risky global economy environment, de-mand for safe-havens, although up, does not seem to be escalating as US 10-year treasury yields are holding just below the 3% level and judging by the price weakness, there appears to be minimal interest in gold, or the yen, as alternative safe-havens.

Daily Prices

August 2018

Copper
Date(Fix.) ($/MT)
Average 6071.83
16-08-2018 5860
15-08-2018 5843
14-08-2018 6059
13-08-2018 6081
10-08-2018 6120
09-08-2018 6247
08-08-2018 6113
07-08-2018 6132
06-08-2018 6040
03-08-2018 6167
02-08-2018 6063
01-08-2018 6137
Silver
Date(Fix.) ($/OZ)
Average 15.25
16-08-2018 14.605
15-08-2018 14.825
14-08-2018 15.035
13-08-2018 15.185
10-08-2018 15.375
09-08-2018 15.48
08-08-2018 15.345
07-08-2018 15.47
06-08-2018 15.35
03-08-2018 15.36
02-08-2018 15.45
01-08-2018 15.475
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1206.75
16-08-2018 1179.65
15-08-2018 1186.7
14-08-2018 1195.3
13-08-2018 1204.4
10-08-2018 1211.65
09-08-2018 1215.5
08-08-2018 1212.35
07-08-2018 1215.4
06-08-2018 1212
03-08-2018 1207.7
02-08-2018 1217.6
01-08-2018 1222.75
Date(Fix.) ($/OZ)
Average 1206.33
16-08-2018 1180.025
15-08-2018 1184.35
14-08-2018 1196.15
13-08-2018 1202.375
10-08-2018 1213.025
09-08-2018 1214.925
08-08-2018 1210.95
07-08-2018 1213.875
06-08-2018 1210.825
03-08-2018 1212
02-08-2018 1216.525
01-08-2018 1220.875
Date(Fix.) ($/OZ)
Average 1205.90
16-08-2018 1180.4
15-08-2018 1182
14-08-2018 1197
13-08-2018 1200.35
10-08-2018 1214.4
09-08-2018 1214.35
08-08-2018 1209.55
07-08-2018 1212.35
06-08-2018 1209.65
03-08-2018 1216.3
02-08-2018 1215.45
01-08-2018 1219
Lead
Date(Fix.) ($/MT)
Average 2091.96
16-08-2018 2002
15-08-2018 1992
14-08-2018 2090
13-08-2018 2070
10-08-2018 2092
09-08-2018 2136.5
08-08-2018 2131
07-08-2018 2122.5
06-08-2018 2073
03-08-2018 2136
02-08-2018 2143
01-08-2018 2115.5
Zinc
Date(Fix.) ($/MT)
Average 2553.04
16-08-2018 2338
15-08-2018 2325
14-08-2018 2458
13-08-2018 2492.5
10-08-2018 2552.5
09-08-2018 2684.5
08-08-2018 2656
07-08-2018 2648
06-08-2018 2586
03-08-2018 2651
02-08-2018 2617
01-08-2018 2628
Tin
Date(Fix.) ($/MT)
Average 19499.58
16-08-2018 18675
15-08-2018 18725
14-08-2018 19075
13-08-2018 19405
10-08-2018 19560
09-08-2018 19650
08-08-2018 19775
07-08-2018 19775
06-08-2018 19725
03-08-2018 19875
02-08-2018 19780
01-08-2018 19975
Nickel
Date(Fix.) ($/MT)
Average 13487.50
16-08-2018 13115
15-08-2018 12985
14-08-2018 13345
13-08-2018 13680
10-08-2018 13635
09-08-2018 14060
08-08-2018 13920
07-08-2018 13750
06-08-2018 13225
03-08-2018 13130
02-08-2018 13225
01-08-2018 13780
Cobalt
Date(Fix.) ($/MT)
Average 62383.33
16-08-2018 64500
15-08-2018 64250
14-08-2018 64250
13-08-2018 64250
10-08-2018 62000
09-08-2018 61500
08-08-2018 56500
07-08-2018 55000
06-08-2018 59000
03-08-2018 64000
02-08-2018 66100
01-08-2018 67250